Exports Grow to Five Month High of 11% in March 2019

Indiaís overall exports (Merchandise and Services combined) in April-March 2018-19* are estimated to be USD 535.45Billion, exhibiting a positive growth of 7.97per cent over the same period last year. Overall imports in April-March2018-19* are estimated to be USD 631.29Billion, exhibiting a positive growth of 8.48per cent over the same period last year.

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*Note: Services data pertains to April-February 2018-19 as February 2019 is the latest data available as per RBIís Press Release dated 15th April 2019. It is arrived at by adding quarterly data of RBI for Q1, Q2 & Q3 of 2018-19 with Month-wise QE data of RBIís press release for January &February 2018-19. This data is provisional and subject to revision by RBI. In addition, it may be noted that data for March 2019 is estimated and added to the April-February 2018-19 data of RBI to calculate the Overall Trade Deficit for April-March 2018-19. It will be revised based on RBIís next press release for March 2019.

I. MERCHANDISE TRADE

Exports (including re-exports)

Exports in March 2019 were USD32.55Billion, as compared to USD29.32 Billion in March 2018, exhibiting a positive growth of 11.02per cent. In Rupee terms, exports were Rs. 2,26,138.76Crore in March 2019, as compared to Rs. 190,619.25Crore in March 2018, registering a positive growth of 18.63per cent.

In March 2019, major commodity groups of export showing positive growth over the corresponding month of last year are:

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Cumulative value of exports for the period April-March 2018-19 was USD331.02Billion (Rs.23,14,429.08Crore) as against USD303.53Billion (Rs.19,56,514.53Crore) during the period April-March 2017-18, registering a positive growth of 9.06per cent in Dollar terms (18.29per cent in Rupee terms).

Non-petroleum and Non Gems and Jewellery exports in March 2019 were USD25.59Billion, as compared to USD22.57Billion in March 2018, exhibiting a positive growth of 13.41per cent. Non-petroleum and Non Gems and Jewellery exports in April-March 2018-19 were USD243.02Billion, as compared to USD224.52Billion for the corresponding period in 2017-18, an increase of 8.24per cent.

Imports

Imports in March 2019 were USD43.44Billion (Rs. 3,01,814.05Crore), which was 1.44per cent higher in Dollar terms and 8.39per cent higher in Rupee terms over imports of USD42.82Billion (Rs.2,78,441.24Crore) in March 2018. Cumulative value of imports for the period April-March 2018-19 was USD507.44Billion (Rs.35,48,004.48Crore), as against USD465.58Billion (Rs.30,01,033.43Crore) during the period April-March 2017-18, registering a positive growth of 8.99per cent in Dollar terms (18.23per cent in Rupee terms).

Major commodity groups of import showing negative growth in March 2019 over the corresponding month of last year are:

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Crude Oil and Non-Oil Imports

Oil imports in March 2019 were USD11.75Billion (Rs. 81,609.46Crore), which was 5.55percent higher in Dollar terms (12.78percent higher in Rupee terms), compared to USD11.13Billion (Rs. 72,359.44Crore) in March 2018. Oil imports in April-March 2018-19 were USD140.47Billion (Rs. 9,83,147.76Crore) which was 29.27per cent higher in Dollar terms (40.39percent higher in Rupee terms) compared to USD108.66Billion (Rs. 7,00,320.81Crore), over the same period last year.

In this connection it is mentioned that the global Brent price ($/bbl) has decreased by 0.06% in March 2019 vis-ŗ-vis March 2018 as per data available from World Bank (Pink Sheet).

Non-oil imports in March 2019 were estimated at USD31.69Billion (Rs.2,20,204.59 Crore) which was at-par in Dollar terms (6.85percent higher in Rupee terms), compared to USD31.69Billion (Rs. 2,06,081.80Crore) in March 2018. Non-oil imports in April-March 2018-19 were USD366.97Billion (Rs.25,64,856.72Crore) which was 2.82per cent higher in Dollar terms (11.48percent higher in Rupee terms), compared to USD356.92Billion (Rs. 23,00,712.62Crore) in April-March2017-18.

Non-Oil and Non-Gold imports wereUSD28.42billion in March 2019, recording a negative growth of 2.67per cent, as compared to Non-Oil and Non-Gold imports in March 2018. Non-Oil and Non-Gold imports wereUSD334.15billion in April-March 2018-19, recording a positive growth of 3.37per cent, as compared to Non-Oil and Non-Gold imports in April-March 2017-18.

II. TRADE IN SERVICES (for February, 2019, as per the RBI Press Release dated 15th April 2019)

Exports (Receipts)

Exports inFebruary2019 were USD16.58Billion (Rs.1,18,114.23Crore) registering a negative growth of 6.54per cent in dollar terms, vis-ŗ-vis January 2019. (as per RBIís Press Release for the respective months).

Imports (Payments)

Imports inFebruary2019 were USD9.81Billion (Rs.69,861.46Crore) registering a negative growth of 11.05per cent in dollar terms,vis-ŗ-vis January 2019.(as per RBIís Press Release for the respective months).

III.TRADE BALANCE

Merchandise: The trade deficit for March 2019 was estimated at USD10.89Billion as against the deficit of USD13.51Billion inMarch 2018.

Services: As per RBIís Press Release dated 15th April 2019, the trade balance in Services (i.e. Net Services export) for February, 2019 is estimated at USD6.78Billion.

Overall Trade Balance: Taking merchandise and services together, overall trade deficit for April-March 2018-19* is estimated at USD95.85Billion as compared to USD 86.05 Billion in April-March 2017-18.

*Note: Services data pertains to April-February 2018-19 as February 2019 is the latest data available as per RBIís Press Release dated 15th April 2019. It is arrived at by adding quarterly data of RBI for Q1, Q2 & Q3 of 2018-19 with Month-wise QE dataof RBIís press release for January & February 2018-19. This data is provisional and subject to revision by RBI. In addition, it may be noted that data for March 2019 is estimated and added to the April-February 2018-19 data of RBI to calculate the Overall Trade Deficit for April-March 2018-19. It will be revised based on RBIís next press release for March 2019.

MERCHANDISE TRADE

Exports & Imports: (USD Billion)

(Provisional)

 

March

April-March

Exports (including re-exports)

 

 

2017-18

29.32

303.53

2018-19

32.55

331.02

%Growth 2018-19/ 2017-18

11.02

9.06

Imports

 

 

2017-18

42.82

465.58

2018-19

43.44

507.44

%Growth 2018-19/ 2017-18

1.44

8.99

Trade Balance

 

 

2017-18

-13.51

-162.05

2018-19

-10.89

-176.42

 

 

 

 

 

SERVICES TRADE

Exports & Imports (Services) : (USD Billion)

(Provisional)

 

February 2019

April-February 2018-19

EXPORTS (Receipts)

16.58

187.85

IMPORTS (Payments)

9.81

114.10

TRADE BALANCE

6.78

73.75

Exports & Imports (Services): (Rs. Crore)

(Provisional)

 

February 2019

April-February 2018-19

EXPORTS (Receipts)

1,18,114.23

13,14,237.86

IMPORTS (Payments)

69,861.46

7,98,280.24

TRADE BALANCE

48,252.77

5,15,957.62

Note: Services data pertains to April-February 2018-19 as February 2019 is the latest data available as per RBIís Press Release dated 15th April 2019. It is arrived at by adding quarterly data of RBI for Q1, Q2 & Q3 of 2018-19 with Month-wise QE data of RBIís press release for January & February 2018-19. This has been used along with the estimate of service exports and imports for March 2019, as explained in page-1 for the purpose of this Press note.