India's merchandise exports jumps 20.2% in May 2018

Trade deficit remains elevated at US$ 14.62 billion in May 2018

India's merchandise exports jumped 20.2% to US$ 28.86 billion in May 2018 over a year ago. Meanwhile, merchandise imports moved up 14.9% to US$ 43.48 billion. The trade deficit rose 5.6% to US$ 14.62 billion in May 2018 from US$ 13.84 billion in May 2017.

Oil imports surged 49.5% to US$ 11.50 billion, while the non-oil imports rose 6.0% to US$ 31.98 billion in May 2018 over May 2017. The share of oil imports in total imports was 26.4% in May 2018, compared with 20.3% in May 2017. The price of India's basket of crude oil galloped 48.9% to US$ 75.31 per barrel in May 2018 over May 2017.

Among the non-oil imports, the major contributors to the overall rise in imports were electronic goods imports rising 19.9% to US$ 4.99 billion, electrical & non-electrical machinery 30.9% to US$ 3.23 billion, organic & inorganic chemicals 28.3% to US$ 2.10 billion, iron & steel 39.1% to US$ 1.48 billion, crude & manufactured fertilizers 73.5% to US$ 0.86 billion, coal, coke & briquettes etc 17.9% to US$ 2.18 billion, non-ferrous metals 20.5% to US$ 1.24 billion and transport equipment 19.6% to US$ 1.24 billion. The imports also improved for artificial resins, plastic materials etc by 11.8% to US$ 1.36 billion, chemical material & products 26.4% to US$ 0.69 billion, medicinal & pharmaceutical products 21.9% to US$ 0.54 billion, wood & wood products 4.7% to US$ 0.52 billion and silver 0.5% to US$ 0.45 billion.

However, the imports have declined for gold by 29.8% to US$ 3.48 billion, pearls, precious & semi-precious stones 24.8% to US$ 2.22 billion, pulses 86.5% to US$ 0.04 billion, vegetable oil 14.7% to US$ 0.92 billion and metaliferrous ores & other minerals 14.9% to US$ 0.52 billion in May 2018.

On exports front, the petroleum products recorded an increase in exports by 104.5% to US$ 5.24 billion, followed by engineering goods 14.8% to US$ 7.15 billion, organic & inorganic chemicals 34.2% to US$ 1.72 billion, drugs & pharmaceuticals 25.7% to US$ 1.52 billion, cotton yarn/fabrics/made-ups, handloom products etc 24.7% to US$ 0.94 billion and plastic & linoleum 36.0% to US$ 0.68 billion. The exports also moved up for rice by 15.2% to US$ 0.74 billion, electronic goods 18.7% to US$ 0.60 billion, man-made yarn/fabrics/made-ups etc 12.6% to US$ 0.42 billion, meat, dairy & poultry products 14.6% to US$ 0.36 billion and mica, coal & other ores, minerals including processed minerals 13.4% to US$ 0.35 billion in May 2018.

Further, the exports has improved for ceramic products & glassware by 16.6% to US$ 0.20 billion, spices 6.7% to US$ 0.27 billion, marine products 2.1% to US$ 0.56 billion, leather & leather products 2.0% to US$ 0.43 billion and fruits & vegetables 1.5% to US$ 0.18 billion in May 2018.

However, the exports declined for RMG of all textiles by 16.6% to US$ 1.34 billion, gems & jewellery 6.5% to US$ 3.68 billion, and handicrafts excluding handmade carpet 2.3% to US$ 0.15 billion in May 2018.

Merchandise exports in Rupees increased 26.0% to Rs 194928 crore, while imports moved up 20.4% to Rs 293660 crore in May 2018 over May 2017. The trade deficit rose to Rs 98732 crore in May 2018 compared with Rs 89175 crore in May 2017.

India's merchandise exports increased 12.6% to US$ 54.77 billion, while merchandise imports moved up 9.7% to US$ 83.11 billion in April-May 2018. An increase in imports was driven by a 45.6% jump in oil imports to US$ 21.91 billion. India's merchandise trade deficit rose to US$ 28.34 billion in April-May 2018 from US$ 27.09 billion in April-May 2017.

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