India's trade deficit widens to 16-months high in November 2016

Merchandise exports up 2.3%, imports jumps 10.4% in November 2016

India's merchandise exports increased 2.3% to US$ 20.01 billion in November 2016 over a year ago. Meanwhile, merchandise imports surged 10.4% to US$ 33.02 billion. The trade deficit jumped 25.9% to 16-months high of US$ 13.01 billion in November 2016 from US$ 10.34 billion in November 2015.

Oil imports rose 5.9% to US$ 6.84 billion, while the non-oil imports gained 11.7% to US$ 26.18 billion in November 2016 over November 2015. The share of oil imports in total imports was 20.7% in November 2016, compared with 21.6% in November 2015. India's basket of crude oil increased 4.6% to US$ 44.46 per barrel in November 2016 over November 2015.

 

Among the non-oil imports, the major contributors to the overall rise in imports were gold imports rising 23.2% to US$ 4.36 billion, pearls, precious & semi-precious stones 60.9% to US$ 1.57 billion, crude petroleum & products 5.9% to US$ 6.84 billion, coal 32.5% to US$ 1.28 billion, pulses 53.6% to US$ 0.61 billion, electronic goods 5.4% to US$ 3.54 billion, electrical & non-electrical machinery 8.3% to US$ 2.23 billion and chemical material & products 23.6% to US$ 0.46 billion. The imports also improved for vegetable oil by 9.6% to US$ 0.91 billion, metaliferrous ores & minerals 10.9% to US$ 0.54 billion, project goods 30.8% to US$ 0.21 billion, wood & products 12.4% to US$ 0.44 billion and artificial resins 4.9% to US$ 0.98 billion.

On the other hand, the imports have declined for transport equipment 37.9% to US$ 1.19 billion, iron & steel 16.2% to US$ 0.93 billion, silver 36.3% to US$ 0.18 billion, medicinal & pharmaceutical products 8.4% to US$ 0.39 billion, organic & inorganic chemicals 2.5% to US$ 1.21 billion, fruits & vegetables 9.8% to US$ 0.16 billion, pulp and waste paper 16.4% to US$ 0.06 billion and textile yarn fabric, made-up articles 9.3% to US$ 0.12 billion in November 2016.

On exports front, the engineering goods recorded an increase in exports by 11.6% to US$ 4.96 billion, followed by iron ore 1012.8% to US$ 0.19 billion, marine products 27.9% to US$ 0.57 billion, petroleum products 3.4% to US$ 2.41 billion, fruits & vegetables 43.6% to US$ 0.25 billion, drugs & pharmaceuticals 5.8% to US$ 1.27 billion, organic & inorganic chemicals 5.9% to US$ 1.07 billion, and leather & leather products 6.4% to US$ 0.42 billion.

However, the exports declined for, gems & jewellery 12.8% to US$ 2.53 billion, rice 18.2% to US$ 0.35 billion, man-made yarn/fabrics/made-ups 11.0% to US$ 0.30 billion, RMG of all textiles 2.9% to US$ 1.15 billion, coal & other ores, minerals 8.1% to US$ 0.24 billion, plastic & linoleum 2.2% to US$ 0.43 billion, tea 6.9% to US$ 0.06 billion, in November 2016.

Merchandise exports in rupees increased 4.6% to Rs 135316 crore, while imports moved up 13.0% to Rs 223290 crore in November 2016 over November 2015. The trade deficit widened to Rs 87973 crore in November 2016 compared with Rs 68335 crore in November 2015.

India's merchandise exports rose 0.3% to US$ 174.92 billion, while merchandise imports fell 8.1% to US$ 241.10 billion in April-November 2016. The decline in imports was driven by a 13.4% plunge in oil imports to US$ 53.28 billion. India's merchandise trade deficit declined to US$ 66.18 billion in April-November 2016 from US$ 87.91 billion in April-November 2015.

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