India's merchandise exports up 5.7% in December 2016

Trade deficit declines 9.9% to US$ 10.37 billion in December 2016

India's merchandise exports increased 5.7% to US$ 23.88 billion in December 2016 over a year ago. Meanwhile, merchandise imports rose 0.5% to US$ 34.25 billion. The trade deficit declined 9.9% to US$ 10.37 billion in December 2016 from US$ 11.50 billion in December 2015.

On exports front, the engineering goods recorded an increase in exports by 19.9% to US$ 5.85 billion, followed by gems & jewellery 27.9% to US$ 3.16 billion, petroleum products 8.2% to US$ 2.77 billion, drugs & pharmaceuticals 12.5% to US$ 1.62 billion, organic & inorganic chemicals 18.2% to US$ 1.44 billion, cotton yarn/fabrics/made-ups, handloom products 7.8% to US$ 0.93 billion, marine products 23.9% to US$ 0.55 billion, and plastic & linoleum 0.7% to US$ 0.53 billion.

However, the exports declined for meat, dairy & poultry products by 45.7% to US$ 0.28 billion, coal & other ores, minerals including processed minerals 12.8% to US$ 0.29 billion, rice 7.6% to US$ 0.42 billion, electronic goods 4.8% to US$ 0.51 billion, fruits & vegetables 8.1% to US$ 0.18 billion, leather & leather products 3.1% to US$ 0.43 billion, RMG of all textiles 0.3% to US$ 1.45 billion, in December 2016.

Oil imports increased 14.6% to US$ 7.65 billion, while the non-oil imports declined 3.0% to US$ 26.61 billion in December 2016 over December 2015. The share of oil imports in total imports was 22.3% in December 2016, compared with 19.6% in December 2015. India's basket of crude oil surged 47.8% to US$ 52.74 per barrel in December 2016 over December 2015.

Among the non-oil imports, the major contributors to the overall rise in imports were petroleum, crude & products imports rising 14.6% to US$ 7.65 billion, coal 56.6% to US$ 1.66 billion, electronic goods 6.6% to US$ 4.00 billion, electrical & non-electrical machinery 7.5% to US$ 2.62 billion, organic & inorganic chemicals 9.4% to US$ 1.43 billion, chemical material & products 27.7% to US$ 0.52 billion, artificial resins, plastic materials 6.4% to US$ 1.03 billion and machine tools 14.8% to US$ 0.30 billion. The imports also improved for dyeing/tanning/colouring materials by 15.8% to US$ 0.21 billion, cotton raw & waste 163.1% to US$ 0.04 billion, professional instrument, optical goods 7.7% to US$ 0.38 billion, non-ferrous metals 2.3% to US$ 0.86 billion and transport equipment 1.1% to US$ 1.60 billion.

On the other hand, the imports have declined for gold 48.5% to US$ 1.96 billion, silver 81.5% to US$ 0.09 billion, fertilizers, crude & manufactured 58.9% to US$ 0.26 billion, precious & semi-precious stones 9.2% to US$ 1.79 billion, vegetable oil 12.7% to US$ 0.95 billion, iron & steel 9.8% to US$ 1.20 billion, pulses 19.3% to US$ 0.51 billion and metaliferrous ores & other minerals 9.2% to US$ 0.52 billion in December 2016.

Merchandise exports in rupees increased 7.8% to Rs 162180 crore, while imports moved up 2.4% to Rs 232588 crore in December 2016 over December 2015. The trade deficit narrowed to Rs 70408 crore in December 2016 compared with Rs 76606 crore in December 2015.

India's merchandise exports rose 0.9% to US$ 198.81 billion, while merchandise imports fell 7.1% to US$ 275.36 billion in April-December 2016. The decline in imports was driven by a 10.7% plunge in oil imports to US$ 60.92 billion. India's merchandise trade deficit declined to US$ 76.55 billion in April-December 2016 from US$ 99.41 billion in April-December 2015.

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