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In terms of cost of credit, majority of the respondents (44 per cent) feel that there is no change in the cost of credit during July to September, which is a bit surprising, considering that the RBI has reduced the policy rates. (Reuters)
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1. Exports declined a steep 20.19% in May to $22.35 billion, the sixth consecutive month of contraction. (Reuters)</br> <br> (Image caption: A farmer carries saplings to plant in a rice field on the outskirts of Srinagar.)
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2. Reflecting the underlying weakness in the domestic manufacturing sector and tepid domestic demand, imports shrank 16.52% in May, a 15-month low (the lowest since 17% contraction in February 2013). It was for the sixth consecutive month that imports remained in the negative territory. (Reuters)</br> <br> (Image caption: A farmer uses a tractor to plough his field before sowing rice seeds on the outskirts of Ahmedabad.)
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3. This resulted in a trade deficit of $10.4 billion, the third consecutive month it remained above the $10-billion mark, marginally down from $11.79 billion in March (which was the highest since November 2014) and $11 billion in April. (PTI)
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4. Oil exports fell by 59.1% y-o-y in May from 46.5% y-o-y in April (though average brent crude oil prices rose to $64.1/barrel in May from $59.5/barrel in April), non-oil exports declined by 9.7%. (Reuters)
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3. 2016 Index of Economic Freedom: India scored its best scores on government spending (78.1), fiscal freedom (77.1), monetary freedom (72.8) and trade freedom (71.0).
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6. Oil imports during May contracted 41% to $8.54 billion, albeit by a lower degree as compared to the previous months, amid a rise international crude oil prices. (Reuters)
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7. Gold imports grew only by 10.5% y-o-y to $2.4 billion, much lower as compared to a 74% growth in the previous three months. (PTI)
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8. Non-oil imports (including capital goods) during the month also fell into the negative territory — (-) 2.24% to$24.21 billion — for the first time since August 2014. (Reuters) </br> <br> (Image caption: A farmer uses a pair of oxen to plough his field before sowing rice seeds on the outskirts of Ahmedabad.)
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9. Partly reflecting a soft domestic demand, non-oil-non-gold imports fell sharply in May (-3.5% y-o-y vs. 7.1% in April) as imports of transport equipment (-11% y-o-y) and electronic goods (-1.4% y-o-y) declined. (Reuters) </br> <br> (Image caption:A farmer with her face covered carries soil as she prepares her field for sowing rice seeds on the outskirts of Ahmedabad)
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10. Cumulative value of exports for April-May period this fiscal shrank 17.2% to $44.4 billion, while imports during the period contracted 12.2% to $65.8 billion resulting in a trade balance of $21.4 billion in the two months this fiscal so far. Industry body Assocham said given the current trend, exports touching even the $300 billion mark this fiscal would be a tall order. Exports had missed the target of $340 billion last fiscal and could touch only $310.5 billion.
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