Merchandise exports snaps 18 months declining trend, moves up by modest 1.27% in June

Snapping its 18 months declining trend, India’s merchandise exports finally posted a modest growth in June, raising hopes that the worst may be over. India's exports registered 1.27 per cent growth to $22.57 billion, against $22.28 billion in the same month a year before. Imports too declined by 7.33% to $30.6 billion in June from $33.1 billion in June 2015. Rising exports and decline in imports has also brought down the trade deficit in June to $8.11 billion as against $10.82 billion in the year-ago month. The trade deficit for April-June, 2016-17 was estimated at $19.23 billion which was lower than the deficit of $32.225 billion during April-June, 2015-16.

As per the data released by the Commerce Ministry, exports during June, 2016 were valued at $22572.30 million, which was 1.27 per cent higher in Dollar terms than the level of $22289.43 million and in rupee terms exports stood at Rs 151904.56  crore, 6.72 per cent higher compared to Rs 142341.88 crore during June, 2015.Cumulative value of exports for the period April-June 2016-17 was $65311.77 million, as against $66690.90 million, registering a negative growth of 2.07 per cent, while in rupee terms it stood at  Rs 436960.98 crore compared to Rs 423315.24 crore, reporting a positive growth of 3.22 per cent over the same period last year.

Of the 30 major items tracked by the commerce ministry as many as 24 including engineering, electronic goods, drugs & pharmaceuticals and carpets & handicrafts, showed growth. However, petroleum, gems & jewellery and apparel exports continued to show a decline in June.

Meanwhile, Imports during June, 2016 were valued at $30688.54 million in dollar terms, 7.33 per cent lower over the level of imports valued at $33116.55 million in same period last year. In rupee terms imports were valued at Rs 206524.39 crore, 2.35 per cent lower than Rs 211484.61 crore during June 2015. Cumulative value of imports for the period April-June 2016-17 in Dollar terms was $84545.78 million, as against $98916.56 million, registering a negative growth of 14.53 per cent. In rupee terms the imports for the period April-June 2016-17 stood at Rs 565754.29 crore, down by 9.89 per cent compared to Rs 627830.30 crore in the same period last year.

Imports of petroleum, crude and related products were down 16.42 per cent in June, while that of coal, coke and briquettes shrunk by about 13 per cent. In value terms, imports of fertilisers too were down by 22.77 per cent at $712.36 million.

Oil imports which accounts for 31 percent of the total imports, dropped by 16.42 per cent during June, 2016 at $7252.11 million than oil imports valued at $8676.38 million in the corresponding period last year. Oil imports during April-June, 2016-17 were valued at $18846.62 million which was 23.57 per cent lower than the oil imports of $24657.97 million in the corresponding period last year. Non-oil imports during June, 2016 were estimated at $23436.43 million, which was 4.11 per cent lower than non-oil imports of $24440.17 million in June, 2015. Non-oil imports during April- June 2016-17 were valued at $65699.16 million which was 11.53 per cent lower than the level of such imports valued at $74258.59 million  in April- June, 2015-16.