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INDIA’S FOREIGN TRADE: February 2018

March 16, 2018
  • Contents

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 February2017. Exports have been on a positive trajectory since August 2016 to February 2018except for a temporary setback in October 2017.

Exports during February 2018were valued at US$ 25834.36million as compared to US$ 24726.71 million during February 2017. In Rupee terms, exports were valued at ₹ 166305.72 crore as compared to ₹ 165855.64 crore during February 2017, registering a riseof 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 (Rs1762897.63 crore) as against US $246550.17 million (Rs1656399.85 crore) registering a positive growth of 11.02per cent in Dollar terms and 6.43per 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 (Rs243420.48 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 21.04per cent in Dollar terms and 15.99per 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$ 10194.33million which was 32.05percent 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 26.92per 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 4.11per 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 19.34per 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 January2018 were valued at US$ 16,337 million (Rs. 103963.60Crore) registering apositive growth of 2.07per cent in dollar terms as compared to positive growth of 3.98per cent during December2017 (as per RBI’s Press Release for the respective months).

IMPORTS (Payments)

Imports during January2018 were valued at US$ 9,847 million (Rs. 62663.25 Crore) registering a negativegrowth of 0.12 per cent in dollar terms as compared topositive growth of 2.20per cent during December2017 (as per RBI’s Press Release for the respective months).

III.TRADE BALANCE

MERCHANDISE: The trade deficit for February 2018 was estimated at US$ 11979.21millionas against the deficit of US$ 9521.73million 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$ 85704.73million as compared to US$ 44381.73million during April-February2016-17. (Services data pertains to April-January2017-18 as January2018 is the latest data available as per RBI’s Press Release dated 15th March2018)

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

EXPORTS & IMPORTS: (Rs. Crore)

(PROVISIONAL)

 

FEBRUARY

APRIL-FEBRUARY

EXPORTS(including re-exports)

 

 

2016-17

165855.64

1656399.85

2017-18

166305.72

1762897.63

%Growth 2017-18/ 2016-17

0.27

6.43

IMPORTS

 

 

2016-17

229723.10

2314510.09

2017-18

243420.48

2684600.75

%Growth 2017-18/ 2016-17

5.96

15.99

TRADE BALANCE

 

 

2016-17

-63867.46

-658110.25

2017-18

-77114.76

-921703.13

SERVICES TRADE 

EXPORTS & IMPORTS (SERVICES) : (US $ Million)

(Provisional)

January 2018

EXPORTS (Receipts)

16337

IMPORTS (Payments)

9847

TRADE BALANCE

6490

EXPORTS & IMPORTS (SERVICES): (Rs. Crore)

(Provisional)

January 2018

EXPORTS (Receipts)

103963.60

IMPORTS (Payments)

62663.25

TRADE BALANCE

41300.35

Source: RBI Press Release dated 15th March, 2018

QUICK ESTIMATES FOR SELECTED MAJOR COMMODITIES FOR FEBRUARY 2018

 TRADE: EXPORT

Sl. No.

Commodities

(Values in Rs. crores)

% change

FEB'17

FEB'18

FEB'18

1

Tea

384.91

401.06

4.20

2

Coffee

496.93

527.11

6.07

3

Rice

3784.01

4404.79

16.41

4

Other cereals

101.80

174.36

71.28

5

Tobacco

673.51

532.96

-20.87

6

Spices

1623.81

1707.89

5.18

7

Cashew

412.13

383.82

-6.87

8

Oil Meals

738.06

528.49

-28.39

9

Oil seeds

894.43

556.06

-37.83

10

Fruits & Vegetables

1694.21

1715.92

1.28

11

Cereal preparations & miscellaneous processed items

638.57

798.49

25.04

12

Marine Products

2729.82

2964.90

8.61

13

Meat, dairy & poultry products

2598.01

1779.71

-31.50

14

Iron Ore

1321.19

809.34

-38.74

15

Mica, Coal & Other Ores, Minerals including processed minerals

2330.53

2139.05

-8.22

16

Leather & leather products

2745.33

2727.81

-0.64

17

Ceramic products & glassware

971.61

1233.61

26.96

18

Gems &Jewellery

26905.03

24494.89

-8.96

19

Drugs & Pharmaceuticals

8170.61

8932.82

9.33

20

Organic & Inorganic Chemicals

8570.08

10725.89

25.16

21

Engineering Goods

44769.23

42160.11

-5.83

22

Electronic Goods

3112.28

3874.27

24.48

23

Cotton Yarn/Fabs./made-ups, Handloom Products etc.

5761.52

5515.04

-4.28

24

Man-made Yarn/Fabs./made-ups etc.

2590.45

2559.98

-1.18

25

RMG of all Textiles

10767.74

9275.08

-13.86

26

Jute Mfg. including Floor Covering

155.71

165.57

6.33

27

Carpet

897.65

735.63

-18.05

28

Handicrafts excl. handmade carpet

996.66

1000.57

0.39

29

Petroleum Products

17034.13

20834.36

22.31

30

Plastic & Linoleum

3316.88

3798.45

14.52

 

Sub-Total

157186.82

157458.01

0.17

 

GRAND   TOTAL

165855.64

166305.72

0.27

Note: The figures for FEBRUARY'18 and FEBRUARY'17 are provisional and subject to change

QUICK ESTIMATES FOR SELECTED MAJOR COMMODITIES FOR FEBRUARY 2018

TRADE: EXPORT

Sl. No.

Commodities

(Values in Million USD)

% change

FEB'17

FEB'18

FEB'18

1

Tea

57.38

62.30

8.57

2

Coffee

74.08

81.88

10.53

3

Rice

564.14

684.25

21.29

4

Other cereals

15.18

27.09

78.46

5

Tobacco

100.41

82.79

-17.55

6

Spices

242.09

265.31

9.59

7

Cashew

61.44

59.62

-2.96

8

Oil Meals

110.03

82.10

-25.38

9

Oil seeds

133.35

86.38

-35.22

10

Fruits & Vegetables

252.58

266.56

5.53

11

Cereal preparations & miscellaneous processed items

95.20

124.04

30.29

12

Marine Products

406.98

460.57

13.17

13

Meat, dairy & poultry products

387.33

276.46

-28.62

14

Iron Ore

196.97

125.73

-36.17

15

Mica, Coal & Other Ores, Minerals including processed minerals

347.45

332.29

-4.36

16

Leather & leather products

409.29

423.74

3.53

17

Ceramic products & glassware

144.85

191.63

32.30

18

Gems &Jewellery

4011.16

3805.10

-5.14

19

Drugs & Pharmaceuticals

1218.12

1387.65

13.92

20

Organic & Inorganic Chemicals

1277.68

1666.19

30.41

21

Engineering Goods

6674.45

6549.27

-1.88

22

Electronic Goods

464.00

601.84

29.71

23

Cotton Yarn/Fabs./made-ups, Handloom Products etc.

858.96

856.72

-0.26

24

Man-made Yarn/Fabs./made-ups etc.

386.20

397.67

2.97

25

RMG of all Textiles

1605.32

1440.82

-10.25

26

Jute Mfg. including Floor Covering

23.21

25.72

10.81

27

Carpet

133.83

114.27

-14.62

28

Handicrafts excl. handmade carpet

148.59

155.43

4.60

29

Petroleum Products

2539.55

3236.47

27.44

30

Plastic & Linoleum

494.50

590.06

19.32

 

Sub-Total

23434.32

24459.95

4.38

 

GRAND   TOTAL

24726.71

25834.36

4.48

Note: The figures for FEBRUARY'18 and FEBRUARY'17 are provisional and subject to change

QUICK ESTIMATES FOR SELECTED MAJOR COMMODITIES FOR FEBRUARY 2018

TRADE: IMPORT

Sl. No.

Commodities

(Values in Rs. crores)

% change

FEB'17

FEB'18

FEB'18

1

Cotton Raw & Waste

213.25

277.40

30.08

2

Vegetable Oil

6320.38

5359.15

-15.21

3

Pulses

2869.72

398.32

-86.12

4

Fruits & vegetables

1034.25

1065.15

2.99

5

Pulp and Waste paper

444.82

585.08

31.53

6

Textile yarn Fabric, made-up articles

729.94

987.21

35.25

7

Fertilisers, Crude & manufactured

1128.21

1430.51

26.79

8

Sulphur & Unroasted Iron Pyrites

43.35

122.00

181.43

9

Metalliferous ores & other minerals

4761.16

4857.77

2.03

10

Coal, Coke & Briquettes, etc.

11015.45

12446.23

12.99

11

Petroleum, Crude & products

51781.21

65624.81

26.73

12

Wood &  Wood products

2388.90

2952.94

23.61

13

Leather & leather products

496.66

591.84

19.16

14

Organic & Inorganic Chemicals

9501.32

11299.82

18.93

15

Dyeing/tanning/colouring materials.

1340.49

1451.54

8.28

16

Artificial resins, plastic materials, etc.

6024.97

7612.06

26.34

17

Chemical material & products

3036.85

3502.96

15.35

18

Newsprint

457.03

295.44

-35.36

19

Pearls, precious & Semi-precious stones

15010.06

16689.72

11.19

20

Iron & Steel

6340.36

7386.42

16.50

21

Non-ferrous metals

5165.11

6577.93

27.35

22

Machine tools

1521.87

2139.92

40.61

23

Machinery, electrical & non-electrical

15684.92

18521.14

18.08

24

Transport equipment

16661.26

8141.66

-51.13

25

Project goods

890.04

1518.39

70.60

26

Professional instrument, Optical goods, etc.

2038.15

2344.13

15.01

27

Electronic goods

22725.50

25942.92

14.16

28

Medicinal & Pharmaceutical products

2458.03

2910.47

18.41

29

Gold

23342.87

18613.25

-20.26

30

Silver

992.50

1949.21

96.39

 

Sub-Total

216418.63

233595.39

7.94

 

GRAND   TOTAL

229723.10

243420.48

5.96

Note: The figures for FEBRUARY'18 and FEBRUARY'17 are provisional and subject to change

QUICK ESTIMATES FOR SELECTED MAJOR COMMODITIES FOR FEBRUARY 2018

 TRADE: IMPORT 

Sl. No.

Commodities

(Values in Million USD)

% change

FEB'17

FEB'18

FEB'18

1

Cotton Raw & Waste

31.79

43.09

35.55

2

Vegetable Oil

942.28

832.50

-11.65

3

Pulses

427.83

61.88

-85.54

4

Fruits & vegetables

154.19

165.46

7.31

5

Pulp and Waste paper

66.32

90.89

37.05

6

Textile yarn Fabric, made-up articles

108.82

153.36

40.93

7

Fertilisers, Crude & manufactured

168.20

222.22

32.12

8

Sulphur & Unroasted Iron Pyrites

6.46

18.95

193.34

9

Metalliferous ores & other minerals

709.82

754.62

6.31

10

Coal, Coke & Briquettes, etc.

1642.25

1933.43

17.73

11

Petroleum, Crude & products

7719.84

10194.33

32.05

12

Wood &  Wood products

356.15

458.72

28.80

13

Leather & leather products

74.04

91.94

24.18

14

Organic & Inorganic Chemicals

1416.51

1755.34

23.92

15

Dyeing/tanning/colouring materials.

199.85

225.49

12.83

16

Artificial resins, plastic materials, etc.

898.24

1182.48

31.64

17

Chemical material & products

452.75

544.16

20.19

18

Newsprint

68.14

45.89

-32.65

19

Pearls, precious & Semi-precious stones

2237.79

2592.63

15.86

20

Iron & Steel

945.26

1147.43

21.39

21

Non-ferrous metals

770.04

1021.83

32.70

22

Machine tools

226.89

332.42

46.51

23

Machinery, electrical & non-electrical

2338.40

2877.12

23.04

24

Transport equipment

2483.96

1264.75

-49.08

25

Project goods

132.69

235.87

77.76

26

Professional instrument, Optical goods, etc.

303.86

364.14

19.84

27

Electronic goods

3388.05

4030.04

18.95

28

Medicinal & Pharmaceutical products

366.46

452.12

23.37

29

Gold

3480.09

2891.43

-16.92

30

Silver

147.97

302.80

104.64

 

Sub-Total

32264.94

36287.33

12.47

 

GRAND   TOTAL

34248.44

37813.57

10.41

 Note: The figures for FEBRUARY'18 and FEBRUARY'17 are provisional and subject to change.

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