Exports rises 11% to US$ 32.55 billion, trade deficit narrows to US$ 10.89 billion in March 2019
India's merchandise exports increased 11.0% to US$ 32.55 billion in March 2019 over a year ago. Meanwhile, merchandise imports rose 1.4% to US$ 43.44 billion. The trade deficit declined 19.4% to US$ 10.89 billion in March 2019 from US$ 13.69 billion in March 2018.Oil imports moved up 5.5% to US$ 11.75 billion, while the non-oil imports were flat at US$ 31.69 billion in March 2019 over March 2018. The share of oil imports in total imports was 27.0% in March 2019, compared with 26.0% in March 2018. The price of India's basket of crude oil increased 4.6% to US$ 66.74 per barrel in March 2019 over March 2018.
Among the non-oil imports, the major contributors to the overall rise in imports were gold imports rising 31.2% to US$ 3.27 billion, iron & steel 16.9% to US$ 1.58 billion, fertilizers, crude & manufactured 69.4% to US$ 0.54 billion and vegetable oil 14.5% to US$ 0.96 billion, while imports of medicinal & pharmaceutical products also moved up 11.6% to US$ 0.55 billion, professional instrument, optical goods etc 8.9% to US$ 0.51 billion and chemical material & products 1.6% to US$ 0.63 billion.
However, the imports have declined for metaliferrous ores & other minerals by 42.9% to US$ 0.49 billion, coal, coke & briquettes etc 14.9% to US$ 2.10 billion, electronic goods 5.7% to US$ 4.68 billion, machinery, electrical & non-electrical 5.7% to US$ 3.21 billion, non-ferrous metals 11.0% to US$ 1.11 billion and organic & inorganic chemicals 6.4% to US$ 1.91 billion. The imports also fell for artificial resins, plastic materials etc by 4.0% to US$ 1.33 billion, wood & wood products 8.6% to US$ 0.50 billion, transport equipment 2.6% to US$ 1.77 billion and pearls, precious & semi-precious stones 1.0% to US$ 3.01 billion in March 2019.
On exports front, the engineering goods recorded an increase in exports by 16.3% to US$ 9.42 billion, followed by organic & inorganic chemicals 17.0% to US$ 2.33 billion, drugs & pharmaceuticals 13.6% to US$ 2.00 billion, electronic goods 34.6% to US$ 0.93 billion, RMG of all textiles 15.1% to US$ 1.72 billion and petroleum products 6.6% to US$ 3.53 billion. The exports also improved for rice by 16.1% to US$ 0.93 billion, oil meals 174.3% to US$ 0.19 billion, mica, coal & other ores, minerals including processed minerals 13.4% to US$ 0.46 billion, spices 12.1% to US$ 0.39 billion and plastic & linoleum 5.7% to US$ 0.77 billion in March 2019.
Further, the exports gained for ceramic products & glassware by 20.4% to US$ 0.24 billion, cotton yarn/fabrics/made-ups, handloom products etc 2.2% to US$ 1.05 billion and meat, dairy & poultry products 0.2% to US$ 0.41 billion in March 2019.
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However, the exports fell for marine products by 6.7% to US$ 0.53 billion, leather & leather products 6.4% to US$ 0.41 billion, fruits & vegetables 4.3% to US$ 0.31 billion, gems & jewellery 0.4% to US$ 3.42 billion and man-made yarn/fabrics/made-ups etc 0.6% to US$ 0.47 billion in March 2019.
Merchandise exports in rupees increased 18.6% to Rs 226139 crore, while imports moved up 8.4% to Rs 301814 crore in March 2019 over March 2018. The trade deficit declined to Rs 75675 crore in March 2019 compared with Rs 89026 crore in March 2018.
India's merchandise exports increased 9.1% to US$ 331.02 billion, while merchandise imports moved up 9.0% to US$ 507.44 billion in April-March 2019. An increase in imports was driven by a 28.7% jump in oil imports to US$ 140.47 billion. India's merchandise trade deficit rose to US$ 176.42 billion in April-March 2019 from US$ 162.05 billion in April-March 2018.
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