India's exports decline 0.7% in March 2018

Exports rises 10% in FY2018 up from 5.1% in FY2017

India's merchandise exports fell 0.7% to US$ 29.11 billion in March 2018 over a year ago. Meanwhile, merchandise imports moved up 7.1% to US$ 42.80 billion. The trade deficit jumped 28.6% to US$ 13.69 billion in March 2018 from US$ 10.65 billion in March 2017.

Oil imports galloped 13.9% to US$ 11.11 billion, while the non-oil imports also increased 5.0% to US$ 31.69 billion in March 2018 over March 2017. The share of oil imports in total imports was 26.0% in March 2018, compared with 24.4% in March 2017. The price of India's basket of crude oil galloped 23.9% to US$ 63.80 per barrel in March 2018 over March 2017.

Among the non-oil imports, the major contributors to the overall rise in imports were electrical & non-electrical machinery imports rising 33.4% to US$ 3.41 billion, coal, coke & briquettes 44.7% to US$ 2.47 billion, transport equipment 32.7% to US$ 1.82 billion, organic & inorganic chemicals 28.0% to US$ 2.04 billion, metaliferrous ores & other minerals 84.5% to US$ 0.85 billion, non-ferrous metals 43.2% to US$ 1.25 billion, iron & steel 38.4% to US$ 1.35 billion and artificial resins, plastic materials etc 28.7% to US$ 1.38 billion.

The imports also improved for wood & wood products by 40.6% to US$ 0.55 billion, fertilisers, crude & manufactured 89.8% to US$ 0.32 billion, electronic goods 2.5% to US$ 4.96 billion, chemical material & products 24.7% to US$ 0.62 billion, professional instrument, optical goods etc 16.3% to US$ 0.47 billion, medicinal & pharmaceutical products 8.8% to US$ 0.49 billion and pearls, precious & semi-precious stones 0.8% to US$ 3.03 billion. However, the imports have declined for gold by 40.3% to US$ 2.49 billion and vegetable oil 20.6% to US$ 0.84 billion in March 2018.

On exports front, the organic & inorganic chemicals recorded an increase in exports by 31.8% to US$ 1.97 billion, followed by engineering goods 2.6% to US$ 8.11 billion, plastic & linoleum 26.9% to US$ 0.73 billion, drugs & pharmaceuticals 8.4% to US$ 1.76 billion, rice 20.9% to US$ 0.77 billion, and cotton yarn/fabrics/made-ups, handloom products etc 14.3% to US$ 1.02 billion. The exports also moved up for electronic goods by 15.1% to US$ 0.70 billion, marine products 11.7% to US$ 0.57 billion and man-made yarn/fabrics/made-ups etc 6.8% to US$ 0.47 billion in March 2018.

Further, the exports has improved for ceramic products & glassware by 13.9% to US$ 0.20 billion, leather & leather products 3.9% to US$ 0.44 billion, spices 4.5% to US$ 0.35 billion, handicrafts excluding handmade carpet 7.8% to US$ 0.19 billion and fruits & vegetables 4.1% to US$ 0.30 billion in March 2018.

However, the exports declined for gems & jewellery by 16.6% to US$ 3.43 billion, petroleum products 13.2% to US$ 3.26 billion, and ready mix garment of all textiles 17.8% to US$ 1.49 billion, while it also declined for coal & other ores, minerals including processed minerals by 10.9% to US$ 0.39 billion, and meat, dairy & poultry products 4.3% to US$ 0.41 billion in march 2018.

Merchandise exports in rupees declined 1.9% to Rs 189271 crore, while imports moved up 5.8% to Rs 278297 crore in March 2018 over March 2017. The trade deficit rose to Rs 89026 crore in March 2018 compared with Rs 70127 crore in March 2017.

India's merchandise exports increased 10.0% to US$ 302.84 billion, while merchandise imports surged 19.7% to US$ 459.67 billion in April-March 2018. An increase in imports was driven by a 25.7% jump in oil imports to US$ 109.11 billion. India's merchandise trade deficit galloped to US$ 156.83 billion in April-March 2018 from US$ 108.92 billion in April-March 2017.

Powered by Capital Market - Live News