Exports up 4.5% in Feb to $ 25.8 bn

Continuing the positive growth path, India’s exports grew by 4.5 per cent in February to $25.8 billion, Commerce Secretary Rita Teaotia said.

Imports too rose by 10.4 per cent to $ 37.8 billion during the last month, leaving a trade deficit of $ 12 billion.

The country’s merchandise exports are showing continuous positive growth, Teaotia told reporters here.

During April-February period of the current fiscal, exports recorded a growth of 11 per cent to $ 273.7 billion, while imports grew by 21 per cent to $ 416.87 billion.

Oil imports in February rose by 32 per cent.

Export sectors, which are recording healthy growth so far includes chemicals, engineering goods and petroleum products.

[Press Release [F.No. 1/2/2017-EPL-1] dated 15 March 2018]

I. Merchandise Trade Exports (including re-exports)

Exports during February 2018 have exhibited positive growth of 4.48 per cent in dollar terms vis- à-vis February 2017. Exports have been on a positive trajectory since August 2016 to February 2018 except for a temporary setback in October 2017.

Exports during February 2018 were valued at US $ 25834.36 million as compared to US $24726.71 million during February 2017. In Rupee terms, exports were valued at Rs. 166305.72 crore as compared to Rs. 165855.64 crore during February 2017, registering a rise of 0.27 per cent.

During February 2018, major commodity groups of export showing positive growth over the corresponding month of last year are Petroleum Products (27.44%), Organic & Inorganic Chemicals (30.41%), Drugs & Pharmaceuticals (13.92%), Rice (21.29%) & Electronic Goods (29.71%).

Cumulative value of exports for the period April-February 2017-18 was US $ 273730.91 million (Rs 1762897.63 crore) as against US $ 246550.17 million (Rs 1656399.85 crore) registering a positive growth of 11.02 per cent in Dollar terms and 6.43 per cent in Rupee terms over the same period last year.

Non-petroleum and Non Gems & Jewellery exports in February 2018 were valued at US $18792.79 million as against US $ 18176.00 million in February 2017, an increase of 3.39%. Non- petroleum and Non Gems and Jewellery exports during April-February 2017-18 were valued at US $ 200030.96 million as compared to US $ 179457.88 million for the corresponding period in 2016-17, an increase of 11.46%.

Imports

Imports during February 2018 were valued at US $ 37813.57 million (Rs 243420.48 crore) which was 10.41 per cent higher in Dollar terms and 5.96 per cent higher in Rupee terms over the level of imports valued at US $ 34248.44 million (Rs. 229723.10 crore) in February 2017. Cumulative value of imports  for the period  April-February 2017-18  was  US  $  416865.64  million  (Rs. 2684600.75 crore) as against US $ 344408.90 million (Rs. 2314510.09 crore) registering a positive growth of 21.04 per cent in Dollar terms and 15.99 per cent in Rupee terms over the same period last year.

Major commodity groups of import showing high growth in February 2018 over the corresponding month of last year are Petroleum, Crude & products (32.05%), Electronic goods (18.95%), Machinery, electrical & non-electrical (23.04%), Pearls, precious & Semi-precious stones (15.86%) and Coal, Coke & Briquettes, etc. (17.73%).

Crude Oil and Non-Oil Imports:

Oil imports during February 2018 were valued at US $ 10194.33 million which was 32.05 percent higher than oil imports valued at US $ 7719.84 million in February 2017. Oil imports during April- February 2017-18 were valued at US $ 98002.25 million which was 26.92 per cent higher than the oil imports of US $ 77213.52 million in the corresponding period last year.

In this connection it is mentioned that the global Brent prices ($/bbl) have increased by 17.90 % in February 2018 vis-à-vis February 2017 as per World Bank commodity price data (The pink sheet).

Non-oil imports during February 2018 were estimated at US $ 27619.24 million which was 4.11 per cent higher than non-oil imports of US $ 26528.60 million in February 2017. Non-oil imports during April-February 2017-18 were valued at US $ 318863.39 million which was 19.34 per cent higher than the level of such imports valued at US $ 267195.38 million in April-February, 2016-17.

II. Trade In Services (for January, 2018, as per the RBI Press Release dated 15th March 2018)

Exports (Receipts)

Exports during January 2018 were valued at US $ 16,337 million (Rs. 103963.60 Crore) registering a positive growth of 2.07 per cent in dollar terms as compared to positive growth of 3.98 per cent during December 2017 (as per RBI’s Press Release for the respective months).

Imports (Payments)

Imports during January 2018 were valued at US $ 9,847 million (Rs. 62663.25 Crore) registering a negative growth of 0.12 per cent in dollar terms as compared to positive growth of 2.20 per cent during December 2017 (as per RBI’s Press Release for the respective months).

III. Trade Balance

Merchandise: The trade deficit for February 2018 was estimated at US $ 11979.21 million as against the deficit of US $ 9521.73 million during February 2017.

Services: As per RBI’s Press Release dated 15th March 2018, the trade balance in Services (i.e. net export of Services) for January, 2018 was estimated at US $ 6,490 million.

Overall Trade Balance: Taking merchandise and services together, overall trade deficit for April-February 2017-18 is estimated at US $ 85704.73 million as compared to US $ 44381.73 million during April-February 2016-17. (Services data pertains to April-January 2017-18 as January 2018 is the latest data available as per RBI’s Press Release dated 15th March 2018)

Merchandise Trade

Exports & Imports: (US $ Million)

(Provisional)

 

February

April-February

Exports (including re-exports)

 

 

2016-17

24726.71

246550.17

2017-18

25834.36

273730.91

%Growth 2017-18/ 2016-17

4.48

11.02

Imports

 

 

2016-17

34248.44

344408.90

2017-18

37813.57

416865.64

%Growth 2017-18/ 2016-17

10.41

21.04

Trade Balance

 

 

2016-17

-9521.73

-97858.73

2017-18

-11979.21

-143134.73

 

 

 

Services Trade

 

Exports & Imports (Services) : (US $ Million)

(Provisional)

 

January 2018

Exports (Receipts)

16337

Imports (Payments)

9847

Trade Balance

6490