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India’s foreign trade account for April 2018

The foreign trade scenario of April 2018 in India has largely been witnessing a positive growth as compared to April 2017, with both exports and Imports experiencing visible increase. Talking in terms of exports which includes re-exports of merchandise goods, a significant positive growth of 5.17% has been witnessed. The exports in April 2018 increased to US $25.91 billion compared to US $24.64 billion in April 2017. Non-Petroleum and Non gems and jewelry exports experienced a yearly increase of 11.73%.

Import value of merchandise goods also went through a similar phase of increase in value, with the growth being 4.60% in dollar terms against that of imports valued at US $37.88 billion in April 2017.  There has been a sea change in the level of imports of oil in April 2018, the growth being 41.5% higher than oil imports of April 2017 valued at US $ 7.36 billion. Contrastingly, the non-oil imports declined by 4.3% as compared to April 2017.

MAJOR COMMODITY GROUPS IN EXPORTS                 

Engineering goods

17.6 %
Organic and  Inorganic chemicals 13.6%
Cotton/Fabrics/handloom products 15.7%
Plastic and Linoleum 30.0%

 

MAJOR COMMODITY GROUPS IN IMPORTS 

Petroleum, crude and products 41.5%
Machinery, electrical and non-electrical 9.1%
Coal, Coke and Briquettes, etc 20.4%
Organic and Inorganic chemicals 18.4%

The trade deficit of Merchandise for April 2018 was US $13.72 billion as against the deficit of US $ 13.25 billion during April 2017.

Services trade experienced a positive growth in terms of both import and export in March 2018. The exports registered a positive growth rate of 7.16% in dollar terms as compared to the negative growth rate of 3.84% during February; while the imports registered a positive growth of 1.35% as compared to the positive growth rate of 3.01% during February. The trade balance of services was estimated at US $ 6.55 billion.

Combining the merchandise and services trade together, the deficit for April and March 2018 was estimated at US $80.61 billion as compared to US $41.79 billion during April and March 2017.

CONCLUSION

With the available statistics and information related to India’s foreign trade, a progress was witnessed in India’s foreign trade for April 2018 as compared to that of April 2017. There has mostly been a positive growth in both imports and exports. Both the sectors, that is the service sector and the merchandise sector, experienced a growth and at different levels. The exports and imports in the service sector of March 2018 were compared to that of the previous month and a positive growth was measured in that sphere as well.

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