Imports continues to decline at 7.3% in June 2016
India's merchandise exports rose 1.3% to US$ 22.57 billion in June 2016 over a year ago, while snapping continuous decline for last eighteen straight months. Meanwhile, merchandise imports continued to decline at 7.3% to US$ 30.69 billion. The trade deficit narrowed 25.0% to US$ 8.12 billion in June 2016 from US$ 10.83 billion in June 2015.Oil imports plunged 16.4% to US$ 7.25 billion, while non-oil imports also declined 4.1% to US$ 23.44 billion in June 2016 over June 2015. The share of oil imports in total imports was 23.6% in June 2016. The Brent crude oil price plunged 21.6% to US$ 49.96 per barrel in June 2016 over June 2015.
Among the non-oil imports, the major contributors to the overall decline in imports were petroleum products imports declining 16.4% to US$ 7.25 billion, gold 38.5% to US$ 1.21 billion, pearls & semi-precious stones 13.5% to US$ 1.79 billion, fertilizers 22.8% to US$ 0.71 billion, iron & steel 16.7% to US$ 1.03 billion, metaliferrous ores & other minerals 27.2% to US$ 0.46 billion, coal 13.0% to US$ 1.07 billion, project goods 53.0% to US$ 0.09 billion, silver 27.2% to US$ 0.25 billion, organic & inorganic chemicals 4.1% to US$ 1.51 billion and fruits & vegetables 19.7% to US$ 0.15 billion.
On the other hand, the imports have increased for electronic goods by 9.5% to US$ 3.44 billion, electrical & non-electrical machinery 1.8% to US$ 2.30 billion, transport equipment 11.0% to US$ 1.30 billion, artificial resins, plastic materials etc. 1.6% to US$ 1.05 billion, non-ferrous metals 9.9% to US$ 0.94 billion, vegetable oil 5.5% to US$ 0.82 billion and chemical material & products 11.8% to US$ 0.48 billion in June 2016.
On exports front, the engineering goods recorded an increase in exports by 0.9% to US$ 5.14 billion, followed by drugs & pharmaceuticals 0.1% to US$ 1.41 billion, organic & inorganic chemicals 14.4% to US$ 1.21 billion, rice 8.6% to US$ 0.60 billion, plastic & linoleum 10.6% to US$ 0.54 billion, electronic goods 9.9% to US$ 0.52 billion, marine products 43.2% to US$ 0.47 billion, and handicrafts excluding handmade carpet 92.0% to US$ 0.25 billion.
However, the exports declined for gems & jewellery by 0.5% to US$ 3.51 billion, petroleum products 10.8% to US$ 2.57 billion, readymade garment of all textiles 0.8% to US$ 1.57 billion, cotton yarn/fabrics/made-ups 2.3% to US$ 0.81 billion, leather & leather products 3.8% to US$ 0.50 billion, man-made yarn/fabrics/made-ups 10.5% to US$ 0.37 billion, in June 2016.
Merchandise exports in Rupees increased 6.7% to Rs 151905 crore, while imports declined 2.3% to Rs 206524 crore in June 2016 over June 2015. The trade deficit narrowed to Rs 54620 crore in June 2016 compared with Rs 69143 crore in June 2015.
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India's merchandise exports declined 2.1% to US$ 65.31 billion, while merchandise imports fell 14.5% to US$ 84.55 billion in April-June 2016. The decline in imports was driven by a 23.6% dip in oil imports to US$ 18.85 billion. India's merchandise trade deficit declined to US$ 19.23 billion in April-June 2016 from US$ 32.23 billion in April-June 2015.
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