India’s merchandise exports extended its declining trend for the eighteenth month in row, though it declined marginally in dollar terms and posted a small increase in rupee terms in May 2016. After months of fall, India’s exports looked to be stabilizing, which suggested that the worst can be over. Exports fell marginally by 0.79 percent to $22.17 billion compared to the same month last year, hit by low global demand and falling commodity prices. On the other side, Imports declined by 13.16 per cent to $28.44 billion during the month, bringing down trade deficit to $6.27 billion compared to $10.40 billion in May 2015. The trade deficit for April-May, 2016-17 was estimated at $11117.77 million which was lower than the deficit of $21398.54 million during April-May, 2015-16.
As per the data released by the Commerce Ministry, exports during May, 2016 were valued at $22170.62 million which was 0.79 per cent lower in Dollar terms than the level of $22346.75 million and in rupee terms stood at Rs 148336.31 crore, 4.04 per cent higher compared to Rs 142572.92 crore during May, 2015.Cumulative value of exports for the period April-May 2016-17 was $42739.47 million, as against $44401.47 million, while in rupee term it stood at Rs 285056.42 crore compared to Rs 280973.36 crore, registering a negative growth of 3.74 per cent in Dollar terms and 1.45 per cent in Rupee terms over the same period last year.
Meanwhile, Imports during May, 2016 were valued at $28443.52 million in dollar terms, 13.16 per cent lower over the level of imports valued at $32752.99 million in same period last year. In rupee terms imports were valued at Rs 190306.19 crore, 8.93 per cent lower than Rs 208965.06 crore during May 2015. Cumulative value of imports for the period April- May 2016-17 in Dollar terms was $53857.24 million, as against $65800.01 million, registering a negative growth of 18.15 per cent in Dollar terms. In rupee terms the imports for the period April-May 2016-17 stood at Rs 359229.90 crore, down by 13.72 per cent compared to Rs 416345.69 crore in the same period last year.
Oil imports which accounts for 31 percent of the total imports, dropped by 30.45 per cent during May, 2016 at $5938.59 million than oil imports valued at $8538.67 million in the corresponding period last year. Oil imports during April- May, 2016-17 were valued at $11594.51 million which was 27.45 per cent lower than the oil imports of $15981.59 million in the corresponding period last year. Non-oil imports during May, 2016 were estimated at $22504.93 million which was 7.06 per cent lower than non-oil imports of $24214.32 million in May, 2015. Non-oil imports during April- May 2016-17 were valued at $42262.73 million which was 15.17 per cent lower than the level of such imports valued at $49818.42million in April- May, 2015-16.
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