India’s Foreign Trade: March, 2016



India’s Foreign Trade: March, 2016


           

I. MERCHANDISE TRADE

 EXPORTS (including re-exports)

            Exports during March, 2016 were valued at US$ 22718.69 million (Rs.152264.96 crore) which was 5.47 per cent lower in Dollar terms (1.45 per cent higher in Rupee terms) than the level of US$ 24032.55 million (Rs.150082.80 crore) during March, 2015. Cumulative value of exports for the period April-March 2015-16 was US$ 261136.80 million (Rs.1708841.43 crore) as against US$ 310338.47 million (Rs.1896348.40 crore) registering a negative growth of 15.85 per cent in Dollar terms and 9.89 per cent in Rupee terms over the same period last year.


Non-petroleum exports in March 2016 are valued at US$ 20639.78 million against US$ 21386.48 million in March 2015, a reduction of 3.49 per cent. Non-petroleum exports during April to March 2016 are valued at US$ 231952.95 million as compared to US$ 253544.33 million for the corresponding period in 2015, a reduction of 8.52 per cent.

The trend of falling exports is in tandem with other major world economies. The growth in exports have fallen for USA (10.81 per cent), European Union (7.40 per cent), China (11.37 per cent) and Japan (12.85 per cent) for January 2016 over the corresponding period previous year as per WTO statistics.

IMPORTS

            Imports during March, 2016 were valued at US$ 27789.56 million (Rs.186250.88 crore) which was 21.56 per cent lower in Dollar terms and 15.82 per cent lower in Rupee terms over the level of imports valued at US$ 35428.72 million (Rs.221251.65 crore) in March, 2015. Cumulative value of imports for the period April-March 2015-16 was US$ 379596.17 million (Rs.2481367.22 crore) as against US$ 448033.42 million (Rs.2737086.58 crore) registering a negative growth of 15.28 per cent in Dollar terms and 9.34 per cent in Rupee terms over the same period last year.

CRUDE OIL AND NON-OIL IMPORTS:           

            Oil imports during March, 2016 were valued at US$ 4799.96 million which was 35.30 per cent lower than oil imports valued at US$ 7418.51 million in the corresponding period last year. Oil imports during April-March, 2015-16 were valued at US$ 82662.26 million which was 40.24 per cent lower than the oil imports of US$ 138325.50 million in the corresponding period last year. 

            Non-oil imports during March, 2016 were estimated at US$ 22989.60 million which was 17.92 per cent lower than non-oil imports of US$ 28010.21 million in March, 2015. Non-oil imports during April-March, 2015-16 were valued at US$ 296933.91 million which was 4.12 per cent lower than the level of such imports valued at US$ 309707.92 million in April-March, 2014-15.
                                                                                                 II. TRADE IN SERVICES (for February, 2016, as per the RBI Press Release dated 18th April, 2016)

EXPORTS (Receipts)

Exports during February, 2016 were valued at US$ 12329.00 Million (Rs. 84130.26 crore).

During February, 2016, on month-on-month basis, growth in services export remained negative (with a growth of 1.94 per cent) as compared to negative growth (10.44 per cent) during January 2016 (as per RBI’s Press Release for the respective months).

IMPORTS (Payments)

Imports during February, 2016 were valued at US$ 7189.00 million (Rs. 49056.08 crore).

III.TRADE BALANCE

MERCHANDISE: The trade deficit for April-March, 2015-16 was estimated at US$ 118459.37 million which was lower than the deficit of US$ 137694.95 million during April-March, 2014-15.


SERVICES: As per RBI’s Press Release dated 18th April 2016, the trade balance in Services (i.e. net export of Services) for February, 2016 was estimated at US$ 5140 million. The net export of services for April- February, 2015-16 was estimated at US$ 64600.21 million which is lower than net export of services of US$ 69136.42 million during April- February, 2014-15. (The data for April-February 2015-16 has been derived by adding April-December 2015-16 with month wise QE data of RBI Press Release dated 18th April 2016).

OVERALL TRADE BALANCE: Taking merchandise and services together, overall trade deficit for April-March, 2015-16 estimated at US$ 53859.16 million as compared to US$ 68558.53 million over same period last year has fallen by 21.44 per cent (Services data pertains to April- February as February 2016 is the latest data available as per RBI’s Press Release dated 18th April 2016).

MERCHANDISE TRADE


(PROVISIONAL)



MARCH
APRIL-MARCH
EXPORTS(including re-exports)


2014-15
24032.55
310338.47
2015-16
22718.69
261136.80
%Growth2015-16/ 2014-15
-5.47
-15.85
IMPORTS


2014-15
35428.72
448033.42
2015-16
27789.56
379596.17
%Growth2015-16/ 2014-15
-21.56
-15.28
TRADE BALANCE


2014-15
-11396.17
-137694.95
2015-16
-5070.87
-118459.37



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


MARCH
APRIL-MARCH
EXPORTS(including re-exports)


2014-15
150082.80
1896348.40
2015-16
152264.96
1708841.43
%Growth2015-16/ 2014-15
1.45
-9.89
IMPORTS


2014-15
221251.65
2737086.58
2015-16
186250.88
2481367.22
%Growth2015-16/ 2014-15
-15.82
-9.34
TRADE BALANCE


2014-15
-71168.85
-840738.18
2015-16
-33985.92
-772525.79

SERVICES TRADE

EXPORTS & IMPORTS (SERVICES) : (US $ Million)
(PROVISIONAL)
February 2015-16
EXPORTS (Receipts)
12329.00
IMPORTS (Payments)
7189.00
TRADE BALANCE
5140.00


EXPORTS & IMPORTS (SERVICES): (Rs. Crore)
(PROVISIONAL)
February 2015-16
EXPORTS (Receipts)
84130.26
IMPORTS (Payments)
49056.08
TRADE BALANCE
35074.18
Source: RBI Press Release dated 18th April 2016


************** 

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

Review for the month of March, 2016

The official Wholesale Price Index for ‘All Commodities’ (Base: 2004-05=100) for the month of March, 2016 rose by 0.3 percent to 174.6 (provisional) from 174.0 (provisional) for the previous month.

INFLATION

The annual rate of inflation, based on monthly WPI, stood at -0.85% (provisional) for the month of March, 2016 (over March, 2015) as compared to -0.91% (provisional) for the previous month and -2.33% during the corresponding month of the previous year.  Build up inflation rate in the financial year so far was -0.85% compared to a build up rate of -2.33% 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 0.2 percent to 244.1 (provisional) from 244.7 (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 0.2 percent to 258.6 (provisional) from 259.1 (provisional) for the previous month due to lower price of tea (7%), egg (6%), arhar and masur (4% each), condiments & spices (3%), gram, urad, moong and fish-inland (2% each) and barley and fruits & vegetables (1% each).  However, the price of poultry chicken   (9%), bajra (4%), fish-marine (3%) and maize, jowar, beef & buffalo meat, milk and pork (1% each) moved up.


The index for ‘Non-Food Articles’ group rose by 0.5 percent to 219.0 (provisional) from 217.9 (provisional) for the previous month due to higher price of raw rubber (17%), groundnut seed (8%), sugarcane (6%), raw jute, soyabean and linseed (2% each) and coir fibre, cotton seed, fodder and safflower (kardi seed) (1% each).  However, the price of flowers (17%), copra (coconut) (8%), rape & mustard seed (5%), raw silk, guar seed, raw cotton, gingelly seed and mesta (3% each) and castor seed and niger seed (2% each) declined.


The index for ‘Minerals’  group declined by 2.5 percent to 178.5 (provisional) from 183.0  (provisional) for the previous month due to lower price of crude petroleum (4%), iron ore (3%), magnesite (2%) and chromite (1%).  However, the price of zinc concentrate (4%) and sillimanite (1%) moved up.


FUEL & POWER (Weight 14.91%)



The index for this major group rose by 1.7 percent to 172.4 (provisional) from 169.6 (provisional) for the previous month due to higher price of aviation turbine fuel (14%), high speed diesel (6%), furnace oil (5%) and kerosene and bitumen (1% each).  However, the price of electricity and petrol (3% each) and LPG (1%) declined.


MANUFACTURED PRODUCTS (Weight 64.97%)


The index for this major group rose by 0.4 percent to 153.7 (provisional) from 153.1 (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 declined by 0.2 percent to 177.7 (provisional) from 178.1 (provisional) for the previous month due to lower price of tea leaf (unblended) (14%), tea leaf (blended) (4%), tea dust (unblended) (3%), mustard & rapeseed oil (2%) and gur (1%).  However, the price of gola (cattle feed) (5%), processed prawn, gingelly oil and tea dust (blended) (3% each), khandsari and canned fish (2% each) and powder milk, rice bran oil, palm oil, cotton seed oil and bakery products (1% each) moved up.


The index for ‘Beverages, Tobacco & Tobacco Products’ group rose by 1.4 percent to 210.2 (provisional) from 207.2 (provisional) for the previous month due to higher price of imfl-blended (11%), dried tobacco (7%), chewing tobacco (scented or not) (4%) and soft drinks & carbonated water and beer (1% each).  However, the price of zarda (3%) declined.



The index for ‘Textiles’ group rose by 0.1 percent to 139.8 (provisional) from 139.6 (provisional) for the previous month due to higher price of jute yarn (6%), jute sacking bag (3%), jute sacking cloth (2%) and man made fabric (1%).  However, the price of tyre cord fabric (2%) declined.


The index for ‘Wood & Wood Products’ group rose by 0.5 percent to 196.9 (provisional) from 195.9 (provisional) for the previous month due to higher price of processed wood (1%).


The index for ‘Paper & Paper Products’ group rose by 0.4 percent to 156.1 (provisional) from 155.5 (provisional) for the previous month due to higher price of corrugated sheet boxes (2%) and newspaper, kraft  paper & bags, cream  laid woven paper and paper rolls (1% each).


The index for ‘Leather & Leather Products’ group rose by 0.6 percent to 146.0 (provisional) from 145.2 (provisional) for the previous month due to higher price of leather footwear and leathers (1%).


The index for ‘Rubber & Plastic Products’ group rose by 0.4 percent to 145.6 (provisional) from 145.0 (provisional) for the previous month due to higher price of tubes (3%) and plastic products (1%).


The index for ‘Non-Metallic Mineral Products’ group rose by 0.3 percent to 178.3 (provisional) from 177.7 (provisional) for the previous month due to higher price of polished granite (2%) and grey cement (1%).  However, the price of railway sleeper (1%) declined.


The index for ‘Basic Metals, Alloys & Metal Products’ group rose by 1.8 percent to 153.1 (provisional) from 150.4 (provisional) for the previous month due to higher price of gp/gc sheets (7%), rounds (6%), plates and billets (5% each),     HRC, melting scrap, wire rods and angles (4% each), CRC, gold & gold ornaments, joist & beams and pencil  ingots (3% each), silver, sponge iron, nuts/bolts/screw/ washers and rebars (2% each) and pig iron (1%).  However, the price of steel rods (5%), lead (3%), sheets and steel: pipes & tubes (2% each) and pipes/tubes/rods/strips and steel castings (1% each) declined.


The index for ‘Machinery & Machine Tools’ group declined by 0.1 percent to 134.9 (provisional) from 135.1 (provisional) for the previous month due to lower price of fibre optic cable (9%), fluorescent tubes (3%), pvc insulated cable, electric motors and heat exchanger (2% each) and industrial  valves, engines, conductor and ball/roller bearing (1% each).  However, the price of machine tools (3%) and insulators (1%) moved up.


The index for ‘Transport, Equipment & Parts’ group rose by 0.6 percent to 139.0 (provisional) from 138.2 (provisional) for the previous month due to higher price of motor cycle / scooter / moped (4%).  However, the price of railway brake gear (2%) declined.



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



For the month of January, 2016, the final Wholesale Price Index for ‘All Commodities’ (Base: 2004-05=100) stood at 175.4 as compared to 175.7 (provisional) and annual rate of inflation based on final index stood at -1.07 percent as compared to     -0.90 percent (provisional) respectively as reported on 15.02.2016.


Next date of press release: 16/05/2016 for the month of April, 2016

Office of Economic Adviser, Ministry of Commerce & Industry, New Delhi,


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






Month of March, 2016
Commodities/Major Groups/Groups/Sub-Groups
Weight
WPI Mar- 2016
Latest month over month
Build up from March
Year on year
2014-15
2015-16
2014-15
2015-16
2014-15
2015-16
ALL COMMODITIES
100.00000
174.6
0.28
0.34
-2.33
-0.85
-2.33
-0.85
PRIMARY ARTICLES
20.11815
244.1
-0.79
-0.25
-0.17
2.13
-0.17
2.13
Food Articles
14.33709
258.6
-0.56
-0.19
6.27
3.73
6.27
3.73
Cereals
3.37323
236.8
-1.03
0.30
0.00
2.47
0.00
2.47
Rice
1.79348
235.0
-2.30
-0.09
0.65
0.60
0.65
0.60
Wheat
1.11595
222.0
-0.05
0.18
-1.19
3.02
-1.19
3.02
Pulses
0.71662
346.6
0.43
-2.75
13.22
34.45
13.22
34.45
Vegetables
1.73553
211.9
-4.83
-3.77
9.27
-2.26
9.27
-2.26
Potato
0.20150
156.6
-6.90
2.89
-21.50
3.57
-21.50
3.57
Onion
0.17794
273.8
-3.62
-8.55
36.49
-17.65
36.49
-17.65
Fruits
2.10717
238.6
1.25
1.06
12.56
-2.13
12.56
-2.13
Milk
3.23818
253.9
-0.04
0.87
7.48
2.67
7.48
2.67
Egg, Meat & Fish
2.41384
300.8
0.59
0.80
2.62
3.69
2.62
3.69
Non-Food Articles
4.25756
219.0
-1.55
0.50
-6.94
8.09
-6.94
8.09
Fibres
0.87737
206.3
0.83
-1.81
-18.91
6.67
-18.91
6.67
Oil Seeds
1.78051
210.9
0.89
0.43
-1.26
3.18
-1.26
3.18
Minerals
1.52350
178.5
-1.78
-2.46
-29.58
-26.63
-29.58
-26.63
FUEL & POWER
14.91021
172.4
3.75
1.65
-12.23
-8.30
-12.23
-8.30
Liquefied petroleum gas
0.91468
160.1
0.12
-1.23
-7.92
-1.60
-7.92
-1.60
Petrol
1.09015
148.8
6.31
-3.19
-17.70
-9.87
-17.70
-9.87
High speed diesel
4.67020
183.3
7.86
5.47
-12.11
-9.79
-12.11
-9.79
MANUFACTURED PRODUCTS
64.97164
153.7
-0.06
0.39
-0.19
-0.13
-0.19
-0.13
Food Products
9.97396
177.7
-0.29
-0.22
0.59
4.47
0.59
4.47
Sugar
1.73731
185.3
-1.86
0.05
-4.85
6.19
-4.85
6.19
Edible Oils
3.04293
150.0
-0.55
-0.13
-1.16
3.59
-1.16
3.59
Beverages, Tobacco & Tobacco Product
1.76247
210.2
0.25
1.45
3.83
3.44
3.83
3.44
Cotton Textiles
2.60526
155.3
-0.13
-0.06
-4.37
-1.52
-4.37
-1.52
Man Made Textiles
2.20573
129.1
0.15
0.00
-1.78
-2.64
-1.78
-2.64
Wood & Wood Products
0.58744
196.9
0.11
0.51
1.23
3.80
1.23
3.80
Paper & Paper Products
2.03350
156.1
0.99
0.39
3.59
2.09
3.59
2.09
Leather & Leather Products
0.83509
146.0
0.21
0.55
-2.53
2.60
-2.53
2.60
Rubber & Plastic Products
2.98697
145.6
0.27
0.41
-1.07
-1.82
-1.07
-1.82
Chemicals & Chemical Products
12.01770
149.5
0.20
0.00
-1.11
-0.93
-1.11
-0.93
Non-Metallic Mineral Products
2.55597
178.3
1.42
0.34
6.69
-0.22
6.69
-0.22
Cement & Lime
1.38646
174.8
2.13
0.69
8.29
-1.63
8.29
-1.63
Basic Metals Alloys & Metal Product
10.74785
153.1
-1.04
1.80
-3.40
-5.44
-3.40
-5.44
Iron & Semis
1.56301
135.3
-1.59
2.19
-6.29
-9.13
-6.29
-9.13
Machinery & Machine Tools
8.93148
134.9
-0.15
-0.15
1.35
-0.07
1.35
-0.07
Transport Equipment & Parts
5.21282
139.0
0.15
0.58
1.10
1.24
1.10
1.24

                                                                 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
Mar-16
Feb-16
Jan-16
Dec-15
Nov-15
Oct-15
100.00
-0.85
-0.91
-1.07
-1.06
-2.04
-3.70
PRIMARY ARTICLES
20.12
2.13
1.58
4.30
4.58
2.15
0.04
Food Articles
14.34
3.73
3.35
6.46
7.89
5.55
3.33
Cereals
3.37
2.47
1.11
2.91
1.93
0.51
-0.13
Rice
1.79
0.60
-1.63
-0.13
-1.25
-3.26
-3.40
Wheat
1.12
3.02
2.78
5.54
3.91
4.44
4.58
Pulses
0.72
34.45
38.84
45.03
55.76
58.09
53.06
Vegetables
1.74
-2.26
-3.34
12.71
19.50
13.25
3.17
Potato
0.20
3.57
-6.28
-17.08
-35.40
-52.87
-58.10
Onion
0.18
-17.65
-13.22
7.45
18.32
44.51
89.52
Fruits
2.11
-2.13
-1.95
-2.03
-0.55
-2.59
-4.46
Milk
3.24
2.67
1.74
1.42
1.78
1.58
1.75
Egg, Meat & Fish
2.41
3.69
3.47
5.90
5.03
0.49
0.46
Non-Food Articles
4.26
8.09
5.88
9.35
7.84
6.33
5.10
Fibres
0.88
6.67
9.54
7.97
2.71
0.10
-2.20
Oil Seeds
1.78
3.18
3.65
5.76
8.23
6.97
6.66
Minerals
1.52
-26.63
-26.12
-29.27
-31.02
-32.95
-33.64
FUEL & POWER
14.91
-8.30
-6.40
-9.89
-9.15
-10.99
-16.32
Liquefied petroleum gas
0.91
-1.60
-0.25
-1.26
-2.51
-5.74
-5.83
Petrol
1.09
-9.87
-1.03
-5.45
-7.90
-9.36
-13.16
High speed diesel
4.67
-9.79
-7.75
-13.00
-13.80
-16.69
-26.21
MANUFACTURED PRODUCTS
64.97
-0.13
-0.58
-1.17
-1.49
-1.42
-1.67
Food Products
9.97
4.47
4.40
2.79
1.69
1.10
0.46
Sugar
1.74
6.19
4.16
-0.55
-7.51
-11.22
-13.08
Edible Oils
3.04
3.59
3.16
1.64
4.68
4.66
4.74
Beverages, Tobacco & Tobacco Product
1.76
3.44
2.22
2.13
2.03
2.23
2.29
Cotton Textiles
2.61
-1.52
-1.58
-2.14
-2.51
-3.18
-4.00
Man Made Textiles
2.21
-2.64
-2.49
-2.72
-3.78
-4.26
-5.09
Wood & Wood Products
0.59
3.80
3.38
3.49
3.28
4.86
4.81
Paper & Paper Products
2.03
2.09
2.71
2.78
2.58
2.38
2.31
Leather & Leather Products
0.84
2.60
2.25
1.75
0.21
-1.16
-1.37
Rubber & Plastic Products
2.99
-1.82
-1.96
-2.15
-2.61
-2.60
-2.78
Chemicals & Chemical Products
12.02
-0.93
-0.73
-1.32
-1.71
-2.02
-1.83
Non-Metallic Mineral Products
2.56
-0.22
0.85
1.83
2.71
2.28
0.45
Cement & Lime
1.39
-1.63
-0.23
1.05
3.25
3.22
-0.12
Basic Metals Alloys & Metal Product
10.75
-5.44
-8.07
-9.30
-9.23
-8.00
-7.50
Iron & Semis
1.56
-9.13
-12.49
-13.46
-14.16
-13.67
-12.96
Machinery & Machine Tools
8.93
-0.07
-0.07
-0.44
0.22
0.15
0.00
Transport Equipment & Parts
5.21
1.24
0.80
1.46
1.47
1.62
1.32





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