December exports at USD 23.9 bn grow 6 pc y-o-y

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SME Times News Bureau | 16 Jan, 2017
Signalling a definitive reversal of the continuous decline in Indian exports through most of last year, official data on Friday showed these grew for the fourth month in a row at USD 23.89 billion in December 2016, an uptick of an impressive 5.72 percent over the USD 22.59 billion in December 2015.

The data released by the Commerce Ministry showed the increase of exports sequentially over the 2.29 percent growth in November, but was slower than the 9.59 percent growth in October.

Cumulatively for the April-December period, exports rose marginally by 0.75 percent in dollar terms at USD 198.8 billion, as against exports of USD 197.3 billion over the same period last year.

The government said exports declined to the US (-1.21 percent), China (-7.45 percent) and and European Union (-6.27 percent). but these grew for Japan ((3.79 percent) during October 2016 over the corresponding period of the previous year, as per latest WTO statistics.

"Non-petroleum exports in December 2016 were valued at USD 21.12 billion against USD 20.03 billion in December 2015, an increase of 2.2 percent," a statement here said.

Imports during the month in question at USD 34.25 billion, were 0.46 percent higher than the imports of USD 34.10 billion in December 2015.

Consequently, the trade deficit in December was lower at USD 10.37 billion, as compared to the deficit of USD 11.50 billion during same month of 2015.

Cumulative imports for April-December 2016 were worth more than USD 275.4 billion, which was a 7.42 percent fall from the over USD 297.4 billion worth imports recorded for the same period of 2015.

With global oil prices climbing back to over USD 50 a barrel, India's oil imports during December 2016 were valued at USD 7.65 billion, which was a sharp 14.61 percent higher than oil imports valued at USD 6.67 billion in the corresponding month of 2015.

Non-oil imports in December fell by 2.98 percent to USD 26.60 billion, from USD 27.43 billion in the same month of last year

The trade deficit cumulatively for April-December, however, declined to USD 76.55 billion against USD 100 billion in the same period of 2015-16.

As per Reserve Bank of India data on Friday, services exports during November 2016 were valued at USD 13.34 billion, registering a marginal increase over the USD 13.11 billion worth exported in October.

Taking merchandise and services together, overall trade deficit for April-December 2016 is estimated at USD 33.74 billion, which is an impressive 36.78 percent fall in dollar terms than the level of USD 53.37 billion during the same period last year.