Export to China falls marginally while US, EU show steady rise
By TIOL News Service
NEW DELHI, MAY 16, 2017: IN continuation with the double digit growth exhibited by merchandise export during March 2017, exports of goods during April 2017 have shown growth of 19.77% in dollar terms valued at USD 24635.09 million as compared to USD 20568.85 million during April,2016. In Rupee terms, during April 2017 exports were valued at Rs. 158913.79 crore as compared to Rs. 136720.11 crore during April, 2016, registering a positive growth of 16.23%.
The growth in exports is positive for all major economies, USA (4.74%), EU (0.16%), Japan (13.30%) except for China (-1.56%) for February 2017 over the corresponding period of previous year as per latest WTO statistics.
Non-petroleum and Non Gems & Jewellery exports in April 2017 were valued at USD 17718.87 million against USD 15136.41 million in April 2016, an increase of 17.06 %.
Import of goods during April 2017 were valued at USD 37884.28 million which was 49.07% higher in Dollar terms and 44.67% higher in Rupee terms over the level of imports valued at USD 25413.72 million in April, 2016.
Oil imports during April, 2017 were valued at USD 7359.27 million which was 30.12% higher than oil imports valued at USD 5655.92 million in April 2016. In this connection it is mentioned that the global Brent prices ($/bbl) have increased by 25.40% in April 2017 vis-à-vis April 2016 as per World Bank commodity price data. Non-oil imports during April, 2017 were estimated at USD 30525.01 million which was 54.50% higher than non-oil imports of USD 19757.80 million in April, 2016.
Export of services during March 2017 were valued at USD 14179 Million registering a positive growth of 8.57% in dollar terms as compared to negative growth of 3.76% during February 2017, as per RBI's Press Release for the respective months. Corresponding imports during March 2017 were valued at USD 8267 Million registering a positive growth of 14.26% in dollar terms as compared to negative growth of 13.96% during February2017.
The trade deficit for goods for April 2017 was estimated at USD 13249.19 million which was 173.47% higher than the deficit of USD 4844.87 million during April 2016.
While the trade balance in Services for March, 2017 was estimated at USD 5912 million. The net export of services for April- March, 2016-17 was estimated at USD 65214 million which is lower than net export of services of USD 69419 million during April- March, 2015-16.
Overall the trade balance has improved. Taking merchandise and services together, overall trade deficit for April- March 2016-17 is estimated at USD 40980.00million which is 16.87% lower in Dollar terms than the level of USD 49297.53 million during April-March 2015-16.