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 18^th 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 18^th 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 18^th 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 18^th April 2016).

MERCHANDISE TRADE

EXPORTS & IMPORTS  : (US $ Million)
(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

Trade decline: merchandise and services shortfalls reduce overall trade balance, driven by lower exports and imports. Merchandise exports and non petroleum exports declined in March 2016 and cumulatively for April-March 2015-16, while imports (including oil and non oil categories) fell for the month and year to date, leading to a reduced merchandise trade deficit. Services receipts exceeded payments in February 2016 producing a positive monthly services balance, though cumulative net export of services for April-February 2015-16 was lower than the prior year. The combined merchandise and services trade deficit for April-March 2015-16 is estimated to have fallen year on year.