India’s Foreign Trade: October, 2016


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India’s Foreign Trade: October, 2016 


I. MERCHANDISE TRADE

EXPORTS (including re-exports)


In consonance with the revival exhibited by exports last month, during October 2016 exports have shown a positive growth of 9.59% in Dollar terms (12.43% higher in Rupee term). During October,2016 exports were valued at US$ 23512.70 million (Rs.156941.86 crore) as compared to US$ 21456.11 million (Rs.139589.17 crore) during October,2015. Cumulative value of exports for the period April-October 2016-17 was US$ 154913.20 million (Rs.1036417.49 crore) as against US$ 155179.35 million (Rs.998211.69 crore) in October 2015-16, registering a negative growth of 0.17 per cent in Dollar terms and positive growth of 3.83 per cent in Rupee terms.


Non-petroleum exports in October 2016 are valued at US$ 20797.13 million against US$ 18923.83 million in October 2015, an increase of 9.9 %. Non-petroleum exports during April to October 2016 are valued at US$ 138111.18 million as compared to US$ 135691.68 million for the corresponding period in 2015, an increase of 1.8%.

The growth in exports for USA (0.20%), EU (5.78%), Japan (10.03%) but China exhibited negative growth (-3.01%) for August 2016 over the corresponding period of previous year as per latest WTO statistics.

IMPORTS


Imports during October 2016 were valued at US$ 33673.53 million (Rs.224763.10 crore) which was 8.11 per cent higher in Dollar terms and 10.91 per cent higher in Rupee terms over the level of imports valued at US$ 31148.33 million (Rs.202644.79) in October,2015. Cumulative value of imports for the period April-October 2016-17 was US$ 208083.15 million (Rs.1392221.35 crore) as against US$ 233417.95 million (Rs.1501290.90 crore) registering a negative growth of 10.85 per cent in Dollar terms and 7.27 per cent in Rupee terms over the same period last year.

CRUDE OIL AND NON-OIL IMPORTS:

         
Oil imports during October, 2016 were valued at US$ 7141.48 million which was 3.98 percent higher than oil imports valued at US$ 6868.28 million in the corresponding period last year. Oil imports during April-October, 2016-17 were valued at US$ 46438.65 million which was 15.78 per cent lower than the oil imports of US$ 55139.39 million in the corresponding period last year.
  Non-oil imports during October, 2016 were estimated at US$ 26532.05 million which was 9.28 per cent higher than non-oil imports of US$ 24280.05 million in October, 2015. Non-oil imports during April-October 2016-17 were valued at US$ 161644.50 million which was 9.33 per cent lower than the level of such imports valued at US$ 178278.56 million in April-October, 2015-16.
II. TRADE IN SERVICES (for September, 2016, as per the RBI Press Release dated 15thOctober 2016)

EXPORTS (Receipts)


Exports during September 2016 were valued at US$ 13773 Million (Rs. 91917.83 Crore) registering a positive growth of 2.93 per cent in dollar terms as compared to positive growth of 4.74 per cent during August 2016 (as per RBI’s Press Release for the respective months).



IMPORTS (Payments)


Imports during September 2016 were valued at US$ 8,304 Million (Rs. 55418.99 Crore) registering a positive growth of 3.10 per cent in dollar terms as compared to positive growth of 8.71 per cent during August 2016 (as per RBI’s Press Release for the respective months).

III.TRADE BALANCE


MERCHANDISE: The trade deficit for April-October, 2016-17 was estimated at US$ 53169.95 million which was 32.04% lower than the deficit of US$ 78238.60 million during April-October, 2015-16.


SERVICES: As per RBI’s Press Release dated 15th November 2016, the trade balance in Services (i.e. net export of Services) for September, 2016 was estimated at US$ 5,469 million. The net export of services for April- September, 2016-17 was estimated at US$ 32358 million which is lower than net export of services of US$ 34042 million during April- September, 2015-16. (The data for April-September 2015-16 and 2016-17 has been derived by adding April-September month wise QE data of RBI Press Release).

 OVERALL TRADE BALANCE: Overall the trade balance has improved. Taking merchandise and services together, overall trade deficit for April- October 2016-17 is estimated at US$ 20811.95 million which is 52.91 percent lower in Dollar terms than the level of US$ 44196.60 million during April-October 2015-16. (Services data pertains to April-September 2016 as September 2016 is the latest data available as per RBI’s Press Release dated 15th November 2016)

 
MERCHANDISE TRADE

(PROVISIONAL)



OCTOBER
APRIL-OCTOBER
EXPORTS(including
re-exports)


2015-16
21456.11
155179.35
2016-17
23512.70
154913.20
%Growth2016-17/ 
2015-16
9.59
-0.17
IMPORTS


2015-16
31148.33
233417.95
2016-17
33673.53
208083.15
%Growth2016-17/
2015-16
8.11
-10.85
TRADE BALANCE


2015-16
-9692.22
-78238.60
2016-17
-10160.83
-53169.95



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


OCTOBER
APRIL-OCTOBER
EXPORTS(including re-exports)


2015-16
139589.17
998211.69
2016-17
156941.86
1036417.49
%Growth2016-17/ 
2015-16
12.43
3.83
IMPORTS


2015-16
202644.79
1501290.90
2016-17
224763.10
1392221.35
%Growth2016-17/ 
2015-16
10.91
-7.27
TRADE BALANCE


2015-16
-63055.62
-503079.21
2016-17
-67821.24
-355803.86

SERVICES TRADE

EXPORTS & IMPORTS (SERVICES) : (US $ Million)
(PROVISIONAL)
September 2016-17
EXPORTS (Receipts)
13773.00
IMPORTS (Payments)
8304.00
TRADE BALANCE
5469.00


EXPORTS & IMPORTS (SERVICES): (Rs. Crore)
(PROVISIONAL)
September 2016-17
EXPORTS (Receipts)
91917.83
IMPORTS (Payments)
55418.99
TRADE BALANCE
36498.85
Source: RBI Press Release dated 15th November 2016
***************** 

Index Numbers of Wholesale Price in India (Base: 2004-05=100)

Review for the month of October, 2016
The official Wholesale Price Index for ‘All Commodities’ (Base: 2004-05=100) for the month of October, 2016 rose by 0.1 percent to 182.9 (provisional) from 182.8 (provisional) for the previous month.

INFLATION

The annual rate of inflation, based on monthly WPI, stood at 3.39% (provisional) for the month of October, 2016 (over October, 2015) as compared to 3.57% (provisional) for the previous month and -3.70% during the corresponding month of the previous year.  Build up inflation rate in the financial year so far was 4.34% compared to a build up rate of 0.45% in the corresponding period of the previous year.

Inflation for important commodities / commodity groups is indicated in Annex-1 and Annex-II.
The movement of the index for the various commodity groups is summarized below:-

PRIMARY ARTICLES (Weight 20.12%)

The index for this major group declined by 0.8 percent to 261.8 (provisional) from 263.9 (provisional) for the previous month. The groups and items which showed variations during the month are as follows:-

The index for 'Food Articles' group declined by 0.3 percent to 278.8 (provisional) from 279.6 (provisional) for the previous month due to lower price of urad (6%), masur and fruits & vegetables (4% each), arhar, bajra, maize and mutton   (3% each), jowar (2%) and moong, fish-inland and condiments & spices (1% each).  However, the price of gram (18%),      ragi (9%), poultry chicken (5%) and fish-marine, coffee and milk (1% each) moved up.

The index for 'Non-Food Articles' group declined by 3.1 percent to 223.2 (provisional) from 230.3 (provisional) for the previous month due to lower price of soyabean (10%), groundnut seed and flowers (8% each), raw cotton (5%), guar seed and raw rubber   (4% each), gingelly seed and castor seed (3 % each), sunflower, hides (raw), raw silk and rape & mustard seed (2% each) and raw wool, skins (raw), coir fibre and mesta (1% each).  However, the price of fodder and linseed (2% each) and cotton seed and safflower (kardi seed) (1% each) moved up.

The index for 'Minerals' group rose by 0.2 percent to 210.9 (provisional) from 210.4 (provisional) for the previous month due to higher price of limestone (8%), copper ore (4%), zinc concentrate (2%) and crude petroleum (1%).  However, the price of magnesite (6%), iron ore, phosphorite and sillimanite (4% each), manganese ore (3%) and chromite (1%) declined.

FUEL & POWER (Weight 14.91%)

The index for this major group rose by 1.0 percent to 187.3 (provisional) from 185.4 (provisional) for the previous month due to higher price of aviation turbine fuel (4%), petrol, furnace oil and high speed diesel (2% each) and kerosene and LPG (1% each).

MANUFACTURED PRODUCTS (Weight 64.97%)

The index for this major group rose by 0.2 percent to 157.4 (provisional) from 157.1 (provisional) for the previous month. The groups and items for which the index showed variations during the month are as follows:-

The index for ' Food Products ' group rose by 0.3 percent to 193.0 (provisional) from 192.5 (provisional) for the previous month due to higher price of gram powder (besan) (14%), cotton seed oil (3%), vanaspati, gola (cattle feed), tea dust (unblended) and ghee (2% each) and powder milk, sooji (rawa) and processed prawn (1% each).  However, the price of      groundnut oil and tea leaf (blended) (3% each), oil cakes, copra oil, mixed spices and maida (2% each) and gur, palm oil and tea leaf (unblended) (1% each) declined.

The index for 'Beverages, Tobacco & Tobacco Products' group declined by 0.1 percent to 221.7 (provisional) from 221.9 (provisional) for the previous month due to lower price of beer (1%).

The index for 'Textiles' group declined by 0.4 percent to 141.7 (provisional) from 142.2 (provisional) for the previous month due to lower price of jute sacking bag (5%), jute sacking cloth (4%) and cotton yarn and cotton fabric (1% each).

The index for 'Paper & Paper Products' group declined by 0.6 percent to 155.9 (provisional) from 156.8 (provisional) for the previous month due to lower price of corrugated sheet boxes (4%) and paper rolls (2%). However, the price of      kraft  paper & bags (1%) moved up.

The index for 'Leather & Leather Products' group declined by  0.2  percent to 145.5 (provisional) from 145.8 (provisional) for the previous month due to lower price of leather garments & jackets (1%).

The index for 'Rubber & Plastic Products' group rose by 0.5 percent to 148.5 (provisional) from 147.8 (provisional) for the previous month due to higher price of tyres (1%).

The index for 'Chemicals & Chemical Products' group rose by 0.1 percent to 150.7 (provisional) from 150.6 (provisional) for the previous month due to higher price of safety  matches/ match box (6%), antacid and  digestive preparations, basic inorganic chemicals and basic organic chemicals (1% each).  However, the price of tooth paste / tooth powder (3%),     hair / body oils (2%) and lacquer & varnishes, turpentine oil, non-cyclic compound, antibiotics and vitamins (1% each) declined.

The index for 'Non-Metallic Mineral Products' group rose by 0.4 percent to 180.2 (provisional) from 179.4 (provisional) for the previous month due to higher price of marbles (5%), polished granite (2%) and asbestos corrugated sheet and bricks & tiles (1% each).  However, the price of lime (1%) declined.

The index for 'Basic Metals, Alloys & Metal Products' group rose by 1.4 percent to 155.2 (provisional) from 153.0 (provisional) for the previous month due to higher price of pig iron (7%), gp/gc sheets (5%),  billets, sheets, rounds and wire rods (4% each), zinc, angles, HRC, plates and joist & beams (3% each),  sponge iron, pencil  ingots, rebars,     melting scrap and CRC (2% each) and steel structures and steel rods (1% each).  However, the price of lead (4%) and      gold & gold ornaments, metal containers, iron & steel wire and copper / copper ingots (1% each) declined.

The index for 'Machinery & Machine Tools' group declined by 0.1 percent to 135.2 (provisional) from 135.3 (provisional) for the previous month due to lower price of t.v.sets (3%) and electric switch gears, ball/roller bearing and fluorescent tubes (1% each).  However, the price of fibre optic cable (3%) and insulators (1%) moved up.

The index for 'Transport, Equipment & Parts' group rose by 0.1 percent to 139.9 (provisional) from 139.8 (provisional) for the previous month due to higher price of  railway  axle & wheel (1%).

FINAL INDEX FOR THE MONTH OF AUGUST, 2016 (BASE YEAR: 2004-05=100)

For the month of August, 2016, the final Wholesale Price Index for ‘All Commodities’ (Base: 2004-05=100) stood at 183.3 as compared to 183.1 (provisional) and annual rate of inflation based on final index stood at 3.85 percent as compared to 3.74 percent (provisional) respectively as reported on 16.08.2016.


Next date of press release: 14/12/2016 for the month of November, 2016
Office of Economic Adviser, Ministry of Commerce & Industry, New Delhi,
This press release is available at our home page http://eaindustry.nic.in

Annexure-I
Wholesale Price Index and Rates of Inflation (Base Year: 2004-05=100)






Month of October, 2016
Commodities/Major Groups/Groups/Sub-Groups
Weight
WPI Oct- 2016
Latest month over month
Build up from March
Year on year
2015-16
2016-17
2015-16
2016-17
2015-16
2016-17
ALL COMMODITIES
100.00000
182.9
0.23
0.05
0.45
4.34
-3.70
3.39
PRIMARY ARTICLES
20.11815
261.8
0.60
-0.80
6.03
6.38
0.04
3.31
Food Articles
14.33709
278.8
1.06
-0.29
7.18
7.44
3.33
4.34
Cereals
3.37323
249.5
0.56
-0.12
1.73
3.40
-0.13
6.13
Rice
1.79348
249.5
0.25
0.16
2.14
4.52
-3.40
4.57
Wheat
1.11595
232.9
1.11
0.43
1.67
2.06
4.58
6.30
Pulses
0.71662
444.1
8.93
7.01
41.43
28.17
53.06
21.80
Vegetables
1.73553
275.3
2.00
3.07
41.05
29.61
3.17
-9.97
Potato
0.20150
284.7
2.43
-5.10
17.26
76.72
-58.10
60.58
Onion
0.17794
218.6
-17.95
-5.29
93.17
-20.10
89.52
-65.97
Fruits
2.10717
257.6
-1.94
-8.52
-0.74
8.46
-4.46
6.45
Milk
3.23818
261.2
0.04
0.50
1.37
2.88
1.75
4.19
Egg, Meat & Fish
2.41384
299.9
1.44
0.27
-2.65
-0.30
0.46
6.20
Non-Food Articles
4.25756
223.2
0.14
-3.08
8.93
1.55
5.10
1.13
Fibres
0.87737
235.8
-2.91
-3.83
3.67
12.88
-2.20
17.61
Oil Seeds
1.78051
212.1
0.73
-4.63
7.29
0.24
6.66
-3.28
Minerals
1.52350
210.9
-2.84
0.24
-11.55
9.33
-33.64
-2.00
FUEL & POWER
14.91021
187.3
0.46
1.02
-6.17
8.64
-16.32
6.18
Liquefied petroleum gas
0.91468
160.1
-0.81
0.57
-1.66
0.00
-5.83
0.06
Petrol
1.09015
165.4
0.00
2.29
-3.27
11.16
-13.16
3.57
High speed diesel
4.67020
210.6
1.44
1.64
-13.14
14.89
-26.21
19.32
MANUFACTURED PRODUCTS
64.97164
157.4
0.00
0.19
-0.39
2.14
-1.67
2.67
Food Products
9.97396
193.0
0.92
0.26
2.70
7.46
0.46
10.48
Sugar
1.73731
217.0
3.02
0.46
-4.07
14.03
-13.08
29.63
Edible Oils
3.04293
157.2
1.42
0.19
3.80
5.01
4.74
4.59
Beverages, Tobacco & Tobacco Product
1.76247
221.7
0.00
-0.09
1.33
4.67
2.29
7.67
Cotton Textiles
2.60526
160.2
-0.38
-0.56
-1.20
2.82
-4.00
2.82
Man Made Textiles
2.20573
129.8
-0.76
0.00
-1.51
0.54
-5.09
-0.61
Wood & Wood Products
0.58744
200.8
0.98
0.00
3.37
1.93
4.81
2.40
Paper & Paper Products
2.03350
155.9
-0.13
-0.57
1.18
0.06
2.31
0.78
Leather & Leather Products
0.83509
145.5
-1.37
-0.21
1.34
-0.21
-1.37
0.90
Rubber & Plastic Products
2.98697
148.5
-0.34
0.47
-1.01
2.20
-2.78
1.16
Chemicals & Chemical Products
12.01770
150.7
-0.07
0.07
-0.20
0.74
-1.83
0.07
Non-Metallic Mineral Products
2.55597
180.2
-0.17
0.45
-0.95
1.01
0.45
1.81
Cement & Lime
1.38646
177.4
-0.80
0.17
-2.59
0.97
-0.12
2.48
Basic Metals Alloys & Metal Product
10.74785
155.2
-0.52
1.44
-4.82
1.17
-7.50
0.71
Iron & Semis
1.56301
135.5
-1.64
2.96
-7.12
-0.59
-12.96
-2.02
Machinery & Machine Tools
8.93148
135.2
-0.07
-0.07
-0.07
0.07
0.00
0.22
Transport Equipment & Parts
5.21282
139.9
0.15
0.07
0.36
0.65
1.32
1.52






Annexure-II








Trend of Rate of Inflation for some important items during last six months








Commodities/Major Groups/Groups/Sub-Groups
Weight (%)
Rate of Inflation for the last six months
Oct-16
Sept-16
Aug-16
July-16
June-16
May-16
100.00
3.39
3.57
3.85
3.72
2.12
1.24
PRIMARY ARTICLES
20.12
3.31
4.76
7.75
9.74
6.58
5.49
Food Articles
14.34
4.34
5.75
8.87
12.60
8.57
8.24
Cereals
3.37
6.13
6.84
9.51
9.19
7.84
5.90
Rice
1.79
4.57
4.66
7.38
6.82
4.89
3.16
Wheat
1.12
6.30
7.01
10.34
9.82
9.82
6.85
Pulses
0.72
21.80
23.99
34.24
38.33
26.64
35.80
Vegetables
1.74
-9.97
-10.91
0.23
28.45
17.18
13.35
Potato
0.20
60.58
73.31
67.17
62.14
66.14
63.82
Onion
0.18
-65.97
-70.52
-64.19
-36.29
-28.60
-21.70
Fruits
2.11
6.45
14.10
13.91
17.38
6.42
3.88
Milk
3.24
4.19
3.71
4.20
3.76
3.24
2.36
Egg, Meat & Fish
2.41
6.20
7.44
8.75
7.52
6.67
9.72
Non-Food Articles
4.26
1.13
4.49
8.72
9.53
6.04
4.71
Fibres
0.88
17.61
18.74
25.13
26.34
14.59
5.55
Oil Seeds
1.78
-3.28
2.16
7.21
5.57
3.16
3.33
Minerals
1.52
-2.00
-5.01
-7.37
-17.56
-11.35
-18.09
FUEL & POWER
14.91
6.18
5.58
1.62
-1.00
-2.84
-5.83
Liquefied petroleum gas
0.91
0.06
-1.30
-1.85
-1.35
-0.98
-1.59
Petrol
1.09
3.57
1.25
-8.65
-10.30
-8.74
-10.69
High speed diesel
4.67
19.32
19.08
12.15
6.57
1.13
-4.34
MANUFACTURED PRODUCTS
64.97
2.67
2.48
2.48
1.95
1.30
1.17
Food Products
9.97
10.48
11.21
11.93
10.72
8.87
7.72
Sugar
1.74
29.63
32.92
35.36
32.96
26.40
22.42
Edible Oils
3.04
4.59
5.87
6.51
4.92
3.55
4.01
Beverages, Tobacco & Tobacco Product
1.76
7.67
7.77
7.72
6.89
6.80
7.09
Cotton Textiles
2.61
2.82
3.01
2.29
1.97
0.38
0.00
Man Made Textiles
2.21
-0.61
-1.37
-2.41
-3.30
-3.73
-4.03
Wood & Wood Products
0.59
2.40
3.40
3.04
0.20
0.71
1.42
Paper & Paper Products
2.03
0.78
1.23
1.49
1.50
1.70
1.63
Leather & Leather Products
0.84
0.90
-0.27
0.55
0.48
0.76
1.53
Rubber & Plastic Products
2.99
1.16
0.34
-0.34
-1.07
-2.27
-2.08
Chemicals & Chemical Products
12.02
0.07
-0.07
-0.33
-0.26
-0.33
-0.33
Non-Metallic Mineral Products
2.56
1.81
1.18
2.22
2.68
0.74
0.74
Cement & Lime
1.39
2.48
1.49
3.61
4.23
0.92
0.64
Basic Metals Alloys & Metal Product
10.75
0.71
-1.23
-1.49
-2.43
-3.02
-3.00
Iron & Semis
1.56
-2.02
-6.40
-6.88
-8.57
-7.41
-6.43
Machinery & Machine Tools
8.93
0.22
0.22
0.22
0.15
0.15
0.30
Transport Equipment & Parts
5.21
1.52
1.60
1.60
1.31
1.38
1.38

MJPS

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