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Indian export growth steady at 12.36 per cent in December 2017

 Indiaís exports saw a positive growth of 12.36 per cent in dollar terms in December 2017 compared to December 2016 and goods worth nearly 27 thousand million US dollars. The countryís exports have been on a positive trajectory since August 2016 to December last year with a dip of 1.1 per cent in October last.

Exports during December 2017 valued at US $ 27030.27 million as compared to US $ 24056.48 million during December, 2016. In Rupee terms, exports were valued at Rs. 173648.73 crore as compared to Rs. 163344.45 crore during December, 2016, registering a rise of 6.31 per cent.     

During December 2017, Major commodity groups of export showing positive growth over the corresponding month of last year are Engineering Goods (25.32 per cent), Petroleum Products (25.15 per cent), Gems & Jewellery (2.38 per cent), Organic & Inorganic Chemicals (31.36 per cent), and Drugs & Pharmaceuticals (6.95 per cent)

Cumulative value of exports for the period April-December 2017-18 was US $ 223512.58 million (Rs 1441419.91 crore) as against US $ 199467.14 million (Rs 1338341.51 crore) registering a positive growth of 12.05 per cent in Dollar terms and 7.70 per cent in Rupee terms over the same period last year

Non-petroleum and Non Gems & Jewellery exports in December 2017 were valued at US $ 20186.36 million as against US $ 18013.78 million in December 2016, an increase of 12.06%. Non-petroleum and Non Gems and Jewellery exports during April -December 2017-18 were valued at US $ 163714.94 million as compared to US $ 144674.52 million for the corresponding period in 2016-17, an increase of 13.16%.

IMPORTS

Imports during December 2017 were valued at US $ 41910.46 million (Rs 269242.54 crore) which was 21.12 per cent higher in Dollar terms and 14.59 per cent higher in Rupee terms over the level of imports valued at US $ 34602.47 million (Rs. 234952.15 crore) in December, 2016. Cumulative value of imports for the period April-December 2017-18 was US $ 338369.63 million (Rs. 2182289.84 crore) as against US $ 277899.32 million (Rs. 1865151.87 crore) registering a positive growth of 21.76 per cent in Dollar terms and 17.00 per cent in Rupee terms over the same period last year.

Major commodity groups of import showing high growth in December 2017 over the corresponding month of last year are Petroleum, Crude & products (34.94%), Electronic goods (19.2%), Pearls, precious & Semi-precious stones (93.98%), Gold (71.52%), and Machinery, electrical & non-electrical (11.21%).

CRUDE OIL AND NON-OIL IMPORTS:

Oil imports during December, 2017 were valued at US $ 10345.88 million which was 34.94 percent higher than oil imports valued at US $ 7667.01 million in December 2016. Oil imports during April-December, 2017-18 were valued at US $ 76148.85 million which was 24.18 per cent higher than the oil imports of US $ 61319.72 million in the corresponding period last year.

In this connection it is mentioned that the global Brent prices ($/bbl) have increased by 18.75 % in December 2017 vis-ŗ-vis December 2016 as per World Bank commodity price data (The pink sheet)

Non-oil imports during December, 2017 were estimated at US $ 31564.58 million which was 17.19 per cent higher than non-oil imports of US $ 26935.46 million in December, 2016. Non-oil imports during April-December 2017-18 were valued at US $ 262220.78 million which was 21.07 per cent higher than the level of such imports valued at US $ 216579.60 million in April-December, 2016-17.

II. TRADE IN SERVICES (for November, 2017, as per the RBI Press Release dated 15th January 2018)

EXPORTS (Receipts)

Exports during November 2017 were valued at US $ 15,392 million (Rs. 99836.51 Crore) registering a positive growth of 8.76 per cent in dollar terms as compared to positive growth of 3.06 per cent during October 2017 (as per RBIís Press Release for the respective months).

IMPORTS (Payments)

Imports during November 2017 were valued at US $ 9,647 million (Rs. 62572.95 Crore) registering a positive growth of 10.89 per cent in dollar terms as compared to positive growth of 2.96 per cent during October 2017 (as per RBIís Press Release for the respective months).

III.TRADE BALANCE

MERCHANDISE: The trade deficit for December 2017 was estimated at US $ 14880.19 million as against the deficit of US $ 10545.99 million during December 2016.

SERVICES: As per RBIís Press Release dated 15th January 2018, the trade balance in Services (i.e. net export of Services) for November, 2017 was estimated at US $ 5,745 million.

OVERALL TRADE BALANCE: Taking merchandise and services together, overall trade deficit for April-December 2017-18 is estimated at US $ 70063.05 million as compared to US $ 35626.18 million during April-December 2016-17. (Services data pertains to April-November 2017-18 as November 2017 is the latest data available as per RBIís Press Release dated 15th January 2018)

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MERCHANDISE TRADE

 

EXPORTS & IMPORTS: (US $ Million)

(PROVISIONAL)

 

DECEMBER

APRIL-DECEMBER

EXPORTS (including re-exports)

 

 

2016-17

24056.48

199467.14

2017-18

27030.27

223512.58

%Growth 2017-18/ 2016-17

12.36

12.05

IMPORTS

 

 

2016-17

34602.47

277899.32

2017-18

41910.46

338369.63

%Growth 2017-18/ 2016-17

21.12

21.76

TRADE BALANCE

 

 

2016-17

-10545.99

-78432.18

2017-18

-14880.19

-114857.05

EXPORTS & IMPORTS: (Rs. Crore)

(PROVISIONAL)

 

DECEMBER

APRIL-DECEMBER

EXPORTS(including re-exports)

 

 

2016-17

163344.45

1338341.51

2017-18

173648.73

1441419.91

%Growth 2017-18/ 2016-17

6.31

7.70

IMPORTS

 

 

2016-17

234952.15

1865151.87

2017-18

269242.54

2182289.84

%Growth 2017-18/ 2016-17

14.59

17.00

TRADE BALANCE

 

 

2016-17

-71607.71

-526810.35

2017-18

-95593.82

-740869.94

 

 

SERVICES TRADE

 

EXPORTS & IMPORTS (SERVICES) : (US $ Million)

(Provisional)

November 2017

EXPORTS (Receipts)

15392

IMPORTS (Payments)

9647

TRADE BALANCE

5745

EXPORTS & IMPORTS (SERVICES): (Rs. Crore)

(Provisional)

November 2017

EXPORTS (Receipts)

99836.51

IMPORTS (Payments)

62572.95

TRADE BALANCE

37263.56

Source: RBI Press Release dated 15th January, 2018

 

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