India's merchandise exports rises 4.6% in September 2016

Trade deficit declines to US$ 8.34 billion in September 2016

India's merchandise exports rose 4.6% to US$ 22.88 billion in September 2016 over a year ago. Meanwhile, merchandise imports continued to decline at 2.5% to US$ 31.22 billion. The trade deficit narrowed 18.0% to US$ 8.34 billion in September 2016 from US$ 10.17 billion in September 2015.

Oil imports rose 3.1% to US$ 6.89 billion, while snapping consistent decline for last 23 sequential months. However, the non-oil imports dipped 4.0% to US$ 24.33 billion in September 2016 over September 2015. The share of oil imports in total imports was 22.1% in September 2016, compared with 20.8% in September 2015. India's basket of crude oil declined 3.5% to US$ 44.48 per barrel in September 2016 over September 2015.

 

Among the non-oil imports, the major contributors to the overall decline in imports were fertilizers imports declining 54.3% to US$ 0.47 billion, iron & steel 27.5% to US$ 0.96 billion, transport equipment 24.8% to US$ 1.08 billion, silver 71.3% to US$ 0.14 billion, gold 10.3% to US$ 1.80 billion, electronic goods 4.9% to US$ 3.68 billion, organic & inorganic chemicals 11.8% to US$ 1.28 billion and metaliferrous ores & other minerals 11.7% to US$ 0.49 billion. The imports also declined for wood & wood products by 11.9% to US$ 0.42 billion, dyeing/tanning/colouring materials 22.3% to US$ 0.18 billion, project goods 22.2% to US$ 0.17 billion, non-ferrous metals 5.5% to US$ 0.84 billion and pulses 12.7% to US$ 0.22 billion.

On the other hand, the imports have increased for petroleum products by 3.1% to US$ 6.89 billion, electrical & non-electrical machinery 7.0% to US$ 2.48 billion, pearls, precious & semi-precious stones 36.0% to US$ 2.07 billion, coal 10.0% to US$ 1.06 billion, vegetable oil 23.5% to US$ 1.04 billion, artificial resins, plastic materials, etc. 2.6% to US$ 1.02 billion, medicinal & pharmaceutical products 1.6% to US$ 0.44 billion and cotton 378.9% to US$ 0.26 billion in September 2016.

On exports front, the engineering goods recorded an increase in exports by 6.5% to US$ 5.16 billion, followed by gems & jewellery 22.4% to US$ 4.46 billion, RMG of all textiles 12.6% to US$ 1.28 billion, organic & inorganic chemicals 6.1% to US$ 1.17 billion, marine products 12.0% to US$ 0.59 billion, electronic goods 3.9% to US$ 0.50 billion, handicrafts excluding handmade carpet 23.7% to US$ 0.25 billion, and plastic & linoleum 3.1% to US$ 0.51 billion.

However, the exports declined for, petroleum products by 1.4% to US$ 2.55 billion, cotton yarn/fabrics/made-ups, handloom products etc 13.4% to US$ 0.79 billion, rice 25.1% to US$ 0.42 billion, leather & leather products 6.7% to US$ 0.41 billion, meat, dairy & poultry products 10.5% to US$ 0.40 billion, man-made yarn/fabrics/made-ups etc 15.6% to US$ 0.37 billion, coal & other ores, minerals including processed minerals 12.0% to US$ 0.25 billion in September 2016.

Merchandise exports in rupees increased 5.4% to Rs 152700 crore, while imports declined 1.8% to Rs 208356 crore in September 2016 over September 2015. The trade deficit narrowed to Rs 55656 crore in September 2016 compared with Rs 67317 crore in September 2015.

India's merchandise exports declined 1.5% to US$ 131.40 billion, while merchandise imports fell 13.4% to US$ 174.41 billion in April-September 2016. The decline in imports was driven by a 18.5% plunge in oil imports to US$ 39.30 billion. India's merchandise trade deficit declined to US$ 43.01 billion in April-September 2016 from US$ 67.88 billion in April-September 2015.

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