India's exports decline again by 6.8% in July

16 Aug 2016 Evaluate

India's merchandise exports resumed the declining trend in July after rising in June for the first time in 18 months, July exports were down due to decline in shipments of engineering goods and petroleum products. However, the imports too declined by a rather sharper pace. The decline in imports narrowed the trade deficit in July to $7.76 billion as against $ 13.09 billion in the year-ago period. The fall in exports in July was mainly due to global slowdown, particularly in the Chinese economy, leading to a decline in commodity prices.

As per the data released by Commerce and Industry Ministry During July,2016 exports were valued at $ 21.69 billion, 6.84 per cent lower in Dollar terms than the level of $ 23.28 billion, while in rupee terms the exports stood at Rs 145770.39 crore, 1.61 per cent lower compared to Rs 148149.92 crore during July,2015. Cumulative value of exports for the period April-July 2016-17 was $87.00 billion as against $ 90.27 billion in dollar terms, down by 3.62 per cent, while in rupee terms it stood at Rs 582731.37 crore, registering a positive growth of 1.63 per cent over the same period last year.

Imports during July 2016 were valued at $ 29.45 billion, down 19.03 per cent in Dollar terms from US$ 36.37 billion and 14.48 per cent lower in Rupee terms over the level of imports valued at Rs.197932.93 crore from Rs.231453.65 crore in July,2015. Cumulative value of imports during April-July in dollar terms were $114 billion, as compared to $136.3 billion in the same period the previous year. In rupee terms the Cumulative value of imports for the period April-July was Rs763687.22 crore as against Rs.865388.34 crore. The cumulative deficit in merchandise trade for April-July of FY17 was $27 billion, from $46 billion in the corresponding period of FY16.

Oil imports during July, 2016 were valued at $ 6.82 billion which was 28.10 percent lower than oil imports valued at $ 9.49 billion in the corresponding period last year. Oil imports during April-July, 2016-17 were valued at $ 25.67 billion which was 25.01 per cent lower than the oil imports of $ 34.23 billion in the corresponding period last year.Non-oil imports during July, 2016 were estimated at $ 22.63 billion which was 15.83 per cent lower than non-oil imports of $ 26.89 million in July, 2015. Non-oil imports during April-July 2016-17 were valued at $ 88.33 million which was 13.42 per cent lower than the level of such imports valued at $ 102.03 billion in April-July, 2015-16.

Gold imports dropped over 64 percent to $ 1.08 billion from $ 2.97 billion in July 2015. Import of the precious metal has been declining sharply due to measures like higher customs duty and gold schemes. Gold used to be the second most imported item in the country after petroleum. The net export of services during April-June was $ 16.2 billion, marginally lower than $ 16.49 billion recorded in the corresponding period last year. Taking merchandise and services together, overall trade deficit for April-July is estimated at $ 10.8 billion, which is 63.38 per cent lower from $ 29.5 billion year-on-year.

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