By TIOL News Service

NEW DELHI, NOV 15, 2017: WITH the global trade projected to slow down in Q4, India's exports had to bear double whammy. And the second whammy was the GST. Both have taken a serious toll on October growth rate which has come down to 1.1% in dollar terms.However, during April-October 2017-18 exports have exhibited a positive growth of 9.62 per cent in Dollar terms. In Rupee terms, during October 2017 exports were valued at Rs 150325.95 crore as compared to Rs.155926.73 crore during October,2016, registering a decline of 3.59 per cent.  

During October 2017, Major commodity groups of export showing positive growth over the corresponding month of last year areEngineering Goods (11.77%), Petroleum Products(14.74%), Organic & Inorganic Chemicals(22.29%), Cotton Yarn/Fabs./made-ups, Handloom Products etc. (4.83%),Marine Products (8.52%) and Plastic & Linoleum (24.46%).

Cumulative value of exports for the period April-October 2017-18 was USD170286.55 million (Rs1097858.68 crore) as against US $155344.40 million (Rs 1039297.59 crore) registering a positive growth of 9.62per cent in Dollar terms and 5.63per cent in Rupee terms over the same period last year.

Non-petroleum and Non Gems &Jewellery exports in October 2017 were valued at USD 16604.63 million as against USD 16202.27 million in October 2016, an increase of 2.48%. Non-petroleum and Non Gems and Jewellery exports during April -October 2017-18 were valued at USD 124281.02 million as compared to USD 111556.32 million for the corresponding period in 2016-17, an increase of 11.41%.

IMPORTS

Imports during October 2017 were valued at USD 37117.01 million (Rs 241562.31 crore) which was 7.60 per cent higher in Dollar terms and 4.91per cent higher in Rupee terms over the level of imports valued at USD 34495.09 million (Rs. 230246.81 crore) in October, 2016. Cumulative value of imports for the period April-October 2017-18 was USD 256434.21 million (Rs. 1653435.01 crore) as against USD 209834.98 million (Rs. 1403911.51 crore) registering a positive growth of 22.21per cent in Dollar terms and 17.77 per cent in Rupee terms over the same period last year.
 
Major commodity groups of import showing high growth inOctober 2017 over the corresponding month of last year are Petroleum, Crude & products(27.89%),Electronic goods(7.04%),Machinery, electrical & non-electrical(17.43%), Coal, Coke & Briquettes, etc.(66.28%) andOrganic & Inorganic Chemicals (30.49%).

CRUDE OIL AND NON-OIL IMPORTS

Oil imports during October, 2017 were valued at USD 9286.74 million which was 27.89percent higher than oil imports valued at USD 7261.23million in October 2016.Oil imports during April-October, 2017-18 were valued at USD 56252.00million which was 20.23per cent higher than the oil imports of USD 46788.46million in the corresponding period last year.

In this connection it is mentioned that the global Brent prices ($/bbl) have increased by 15.87% in October 2017 vis-à-vis October 2016 as per World Bank commodity price data (The pink sheet).

Non-oil imports during October, 2017 were estimated at USD 27830.27 million which was 2.19per cent higher than non-oil imports of USD 27233.86 million in October, 2016. Non-oil imports during April-October 2017-18 were valued at USD 200182.20 million which was 22.78per cent higher than the level of such imports valued at USD 163046.52 million in April-October, 2016-17.

TRADE IN SERVICES (for September, 2017, as per the RBI Press Release dated 13th November, 2017)

EXPORTS (Receipts)

Exports during September2017 were valued at USD 13,732 million (Rs. 88490.24 Crore) registering apositive growth of 0.23per cent in dollar terms as compared to positive growth of 3.97per cent during August2017 (as per RBI’s Press Release for the respective months).

IMPORTS (Payments)

Imports during September2017 were valued at USD 8,450 million (Rs. 54452.56 Crore) registering a negativegrowth of 2.40 per cent in dollar terms as compared to positive growth of 18.05per cent during August2017 (as per RBI’s Press Release for the respective months).

TRADE BALANCE

MERCHANDISE: The trade deficit for October 2017 was estimated at USD 14018.83 millionas against the deficit of USD 11134.48 million during October2016.

SERVICES: As per RBI’s Press Release dated 13th November 2017, the trade balance in Services (i.e. net export of Services) for September, 2017 was estimated at USD 5,282 million.

OVERALL TRADE BALANCE: Taking merchandise and services together, overall trade deficit for April-October 2017-18 is estimated at USD 52550.66million as compared to USD 22132.58million during April-October 2016-17. (Services data pertains to April-September2017-18 as September2017 is the latest data available as per RBI’s Press Release dated 13th November2017)