Exports during January 2018 have exhibited positive growth

I. MERCHANDISE TRADE

EXPORTS (including re-exports)

Exports during January 2018 have exhibited positive growth of 9.07per cent in dollar terms vis-à-vis January 2017. Exports have been on a positive trajectory since August 2016 to January 2018 with a dip of 1.1 per cent in the month of October 2017.

Exports during January 2018valued at US$ 24383.97 million as compared to US$ 22356.32 million during January 2017. In Rupee terms, exports were valued at Rs.155172.00crore as compared to Rs.152202.70crore during January 2017, registering a riseof 1.95per cent.

During January 2018, Major commodity groups of export showing positive growth over the corresponding month of last year areEngineering Goods (15.77%), Petroleum Products (39.5%), Gems & Jewellery (0.89%), Organic & Inorganic Chemicals (33.6%) and Drugs & Pharmaceuticals (8.6%).

Cumulative value of exports for the period April-January 2017-18 was US$247896.55 million (Rs1596591.91crore) as against US $221823.46million (Rs1490544.21 crore) registering a positive growth of 11.75 per cent in Dollar terms and 7.11 per cent in Rupee terms over the same period last year.

Non-petroleum and Non Gems & Jewellery exports in January 2018 were valued at US$ 17523.24 million as against US$ 16607.36 million in January 2017, an increase of 5.51%. Non-petroleum and Non Gems and Jewellery exports during April-January 2017-18 were valued at US$ 181238.18 million as compared to US$ 161281.88 million for the corresponding period in 2016-17, an increase of 12.37%.

IMPORTS

Imports during January 2018 were valued at US$ 40682.44 million (Rs258890.43 crore) which was 26.10 per cent higher in Dollar terms and 17.87 per cent higher in Rupee terms over the level of imports valued at US$ 32261.14 million (Rs. 219635.13 crore) in January 2017. Cumulative value of imports for the period April-January 2017-18 was US$ 379052.07million (Rs. 2441180.27 crore) as against US$ 310160.46 million (Rs. 2084786.99crore) registering a positive growth of 22.21 per cent in Dollar terms and 17.09per cent in Rupee terms over the same period last year.

Major commodity groups of import showing high growth in January 2018 over the corresponding month of last year are Petroleum, Crude & products (42.64%), Electronic goods (12.19%), Machinery, electrical & non-electrical (29.11%), Pearls, precious & Semi-precious stones (55.71%) and Coal, Coke & Briquettes, etc. (31.67%).

CRUDE OIL AND NON-OIL IMPORTS:

Oil imports during January 2018 were valued at US$ 11659.07million which was 42.64percent higher than oil imports valued at US$ 8173.96million in January 2017.Oil imports during April-January 2017-18 were valued at US$ 87807.92 million which was 26.35per cent higher than the oil imports of US$ 69493.68 million in the corresponding period last year.

In this connection it is mentioned that the global Brent prices ($/bbl) have increased by 25.69% in January 2018 vis-à-vis January 2017 as per World Bank commodity price data (The pink sheet).

Non-oil imports during January 2018 were estimated at US$ 29023.37 million which was 20.49 per cent higher than non-oil imports of US$ 24087.18 million in January 2017 Non-oil imports during April-January 2017-18 were valued at US$ 291244.15 million which was 21.02 per cent higher than the level of such imports valued at US$ 240666.78 million in April-January, 2016-17.

II. TRADE IN SERVICES (for December, 2017, as per the RBI Press Release dated 15th February 2018)

EXPORTS (Receipts)

Exports during December2017 were valued at US$ 16,005million (Rs. 102819.83Crore) registering apositive growth of 3.98per cent in dollar terms as compared to positive growth of 8.76per cent during November2017 (as per RBI’s Press Release for the respective months).

IMPORTS (Payments)

Imports during December2017 were valued at US$ 9,859million (Rs. 63336.50Crore) registering a positivegrowth of 2.20per cent in dollar terms as compared topositive growth of 10.89per cent during November2017 (as per RBI’s Press Release for the respective months).

III.TRADE BALANCE

MERCHANDISE: The trade deficit for January 2018 was estimated at US$ 16298.47millionas against the deficit of US$ 9904.82million during January 2017.

SERVICES: As per RBI’s Press Release dated 15th February 2018, the trade balance in Services (i.e. net export of Services) for December, 2017 was estimated at US$ 6,146million.

OVERALL TRADE BALANCE:Taking merchandise and services together, overall trade deficit for April-January 2017-18 is estimated at US$ 80215.52million as compared to US$ 40021.00million during April-January 2016-17. (Services data pertains to April-December2017-18 as December2017 is the latest data available as per RBI’s Press Release dated 15th February2018)