Exports jumps 27.6% in March 2017

Exports rises 4.8% in April-March FY2017

India's merchandise exports increased at 65-month high pace of 27.6% to US$ 29.23 billion in March 2017 over a year ago. Meanwhile, merchandise imports jumped 45.3% to US$ 39.67 billion. The trade deficit more than doubled to US$ 10.44 billion in March 2017 from US$ 4.40 billion in March 2016.

Oil imports zoomed 101.4% to US$ 9.71 billion, while the non-oil imports also gained 33.2% to US$ 29.96 billion in March 2017 over March 2016. The share of oil imports in total imports was 24.5% in March 2017, compared with 17.7% in March 2016. India's basket of crude oil surged 41.3% to US$ 51.47 per barrel in March 2017 over March 2016.

Among the non-oil imports, the major contributors to the overall rise in imports were gold imports rising 329.2% to US$ 4.18 billion, electronic goods 32.1% to US$ 4.84 billion, pearls, precious & semi-precious stones 56.7% to US$ 3.01 billion, coal, coke & briquettes etc 76.9% to US$ 1.72 billion, organic & inorganic chemicals 24.9% to US$ 1.58 billion, machinery, electrical & non-electrical 13.5% to US$ 2.61 billion, vegetable oil 28.1% to US$ 1.06 billion and artificial resins, plastic materials 13.0% to US$ 1.08 billion. The imports also improved for pulses by 52.9% to US$ 0.32 billion, non-ferrous metals 13.2% to US$ 0.87 billion, machine tools 40.5% to US$ 0.33 billion, metaliferrous ores & other minerals 26.3% to US$ 0.44 billion and chemical material & products 19.6% to US$ 0.50 billion.

On the other hand, the imports have declined for transport equipment by 36.4% to US$ 1.06 billion, iron & steel 15.6% to US$ 0.97 billion, fertilisers, crude & manufactured 17.1% to US$ 0.17 billion, wood & wood products 3.4% to US$ 0.39 billion and silver 3.2% to US$ 0.20 billion in March 2017.

On exports front, the engineering goods recorded an increase in exports by 46.7% to US$ 7.84 billion, followed by gems & jewellery 12.5% to US$ 4.11 billion, petroleum products 69.1% to US$ 3.70 billion, RMG of all textiles 20.3% to US$ 1.81 billion, drugs & pharmaceuticals 5.5% to US$ 1.62 billion, organic & inorganic chemicals 15.4% to US$ 1.50 billion, cotton yarn/fabrics/made-ups, handloom products etc 5.3% to US$ 0.89 billion, and rice 34.2% to US$ 0.64 billion. The exports also moved up for electronic goods by 5.0% to US$ 0.62 billion, plastic & linoleum 19.1% to US$ 0.57 billion, marine products 42.7% to US$ 0.51 billion, spices 79.2% to US$ 0.49 billion and man-made yarn/fabrics/made-ups etc 13.6% to US$ 0.43 billion in March 2017.

However, the exports declined for, fruits & vegetables by 3.2% to US$ 0.27 billion, cereal preparations & miscellaneous processed items 4.1% to US$ 0.12 billion, tobacco 15.9% to US$ 0.09 billion in March 2017.

Merchandise exports in rupees increased 25.4% to Rs 192571 crore, while imports moved up 42.8% to Rs 261328 crore in March 2017 over March 2016. The trade deficit widened to Rs 68757 crore in March 2017 compared with Rs 29480 crore in March 2016.

India's merchandise exports rose 4.8% to US$ 274.65 billion, while merchandise import was nearly flat at US$ 380.37 billion in April-March 2017. The oil imports increased 4.3% to US$ 86.46 billion. India's merchandise trade deficit declined to US$ 105.72 billion in April-March 2017 from US$ 118.05 billion in April-March 2016.

Powered by Capital Market - Live News