India's exports rises 3.9% in July 2017

Trade deficit widens to US$ 11.45 billion in July 2017

India's merchandise exports rose 3.9% to US$ 22.54 billion in July 2017 over a year ago. Meanwhile, merchandise imports jumped 15.4% to US$ 33.99 billion. The trade deficit galloped 47.5% to US$ 11.45 billion in July 2017 from US$ 7.76 billion in July 2016.

Oil imports moved up 15.0% to US$ 7.84 billion, while the non-oil imports also surged 15.5% to US$ 26.15 billion in July 2017 over July 2016. The share of oil imports in total imports was 23.1% in July 2017, compared with 23.2% in July 2016. India's basket of crude oil galloped 10.0% to US$ 47.87 per barrel in July 2017 over July 2016.

 

Among the non-oil imports, the major contributors to the overall rise in imports were gold imports rising 95.1% to US$ 2.10 billion, electronic goods 22.5% to US$ 4.05 billion, coal 52.0% to US$ 1.54 billion, iron & steel 42.7% to US$ 1.33 billion, metaliferrous ores & other minerals 64.1% to US$ 0.66 billion, organic & inorganic chemicals 16.0% to US$ 1.61 billion and non-ferrous metals 26.6% to US$ 1.00 billion. The imports also improved for electrical & non-electrical machinery by 7.3% to US$ 2.41 billion, vegetable oil 18.5% to US$ 1.05 billion, artificial resins, plastic materials etc 16.7% to US$ 1.14 billion, pearls, precious & semi-precious stones 6.9% to US$ 2.25 billion and chemical material & products 19.2% to US$ 0.52 billion.

However, the imports have declined for transport equipment by 1.2% to US$ 1.06 billion, medicinal & pharmaceutical products 15.5% to US$ 0.38 billion and fertilizers, crude & manufactured 25.7% to US$ 0.53 billion in July 2017.

On exports front, the engineering goods recorded an increase in exports by 15.2% to US$ 5.80 billion, followed by petroleum products 20.3% to US$ 3.00 billion, organic & inorganic chemicals 20.7% to US$ 1.40 billion, marine products 30.5% to US$ 0.67 billion, rice 20.9% to US$ 0.61 billion, and cotton yarn/fabrics/made-ups, handloom products etc. 5.4% to US$ 0.79 billion. The exports also moved up for plastic & linoleum by 7.9% to US$ 0.53 billion, fruits & vegetables 14.8% to US$ 0.16 billion and meat, dairy & poultry products 3.3% to US$ 0.33 billion in July 2017. Further, the exports gained for leather & leather products by 1.7% to US$ 0.50 billion, spices 2.8% to US$ 0.24 billion, man-made yarn/fabrics/made-ups etc 0.1% to US$ 0.38 billion and ceramic products & glassware 0.1% to US$ 0.17 billion in July 2017.

However, the exports declined for gems & jewellery by 22.7% to US$ 2.56 billion, RMG of all textiles 11.9% to US$ 1.28 billion, drugs & pharmaceuticals 5.4% to US$ 1.38 billion, mica, coal & other ores, minerals including processed minerals 2.3% to US$ 0.28 billion, and electronic goods 0.4% to US$ 0.48 billion in July 2017.

Merchandise exports in rupees fell 0.3% to Rs 145308 crore, while imports moved up 10.7% to Rs 219109 crore in July 2017 over July 2016. The trade deficit widened to Rs 73801 crore in July 2017 compared with Rs 52163 crore in July 2016.

India's merchandise exports increased 8.9% to US$ 94.76 billion, while merchandise imports surged 28.3% to US$ 146.26 billion in April-July 2017. An increase in imports was driven by a 20.9% jump in oil imports to US$ 31.02 billion. India's merchandise trade deficit galloped to US$ 51.50 billion in April-July 2017 from US$ 27.00 billion in April-July 2016.

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