Sitting on the robust performance of various sectors such as petroleum, textiles, engineering goods, gems among other industries, India’s exports grew by 19.77% to $24.63 billion in the month of April. According to the data released by the commerce ministry, Indian imports also grew 49.07% to $37.88 billion in April. The trade deficit was up owing to the massive jump in gold imports to $13.24 billion from $4.84 billion in 2016 during the month. Meanwhile, imports of precious metals multiplied thrice to $3.85 billion in comparison to the $1.23 billion in April 2016. The report also stated that Indian exports saw a push of 4.71% to $274.64 billion against $262.3 billion in
Here are excerpts from the data published by the Commerce Ministry.
1) Exports during April 2017 showed growth of 19.77%, valued at $ 24635.09 million as compared to $20568.85 million during April 2016. Translated into Indian Rupee, these exports were valued at Rs 158913.79 crore as compared to Rs 136720.11 crore during the same period last year, registering a growth of 16.2%.
2) Non-petroleum and Non-Gems & Jewellery exports in April 2017 were valued at $17718.87 million against $15136.41 million in April 2016, an increase of 17.06 %.
3) It was noted that the export growth was positive for all major economies around the globe: USA (4.74%), EU (0.16%), Japan (13.30%) except for China (-1.56%)f or February 2017 over the corresponding period of the previous year as per latest WTO statistics.
1) Imports during the same period, i.e. April 2017 were valued at $37884.28 million (Rs 244380.52 crore), a number which was 49.07% higher in dollars and 44.67% higher in Rupees, over the level of imports valued at $25413.72 million (Rs 168923.71 crore) during April 2016.
Crude Oil and Non-Oil Imports:
1) During April 2017, oil imports were valued at $7259.27 million, a number significantly higher by 30.12% in comparison to the $5655.92 million in April 2016.
2) Non-oil imports during April 2017 were estimated at $30525.01 million which was 54.50 per cent higher than non-oil imports of $19757.80 million in April 2016.
Trade in Services
1) As per RBI’s Press Release, the exports in trades and service were valued at $14179 million, which translates to Rs 93406.57 crore. This is a positive growth of 8.57% in dollars in comparison to the negative growth of 3.76 per cent during February 2017.
1) According to the RBI’s Press Release, the imports for the month of March 2017 were valued at $8267 million, translating to Rs 54460.27 Crore. This registers a positive growth of 14.26% in dollars, as compared to the negative growth of 13.96% during February 2017
Merchandise: The trade deficit for April 2017 was estimated at $13249.19 million which was 173.47% higher than the deficit of $4844.87 million during April 2016.
Trade in Services: Dated May 15, 2017, the trade balance in Services(net export) for the month of March 2017, was estimated at $5912 million.
The net export for the period of April-March 2016-17 was estimated at $65214 million, a number lower than the net export services of the $69419 million during April-March, 2015-16.
According to the PIB, the overall trade balance has improved. If we take the merchandise and services together, the overall trade deficit for April- March 2016-17 is estimated at $40980.00 million which is 16.87% lower in dollar terms than the level of $49297.53 million during April-March 2015-16.