I. MERCHANDISE TRADE

 EXPORTS (including re-exports)

Exports during May,2016 were valued at US$ 22170.62 million (Rs. 148336.31 crore) which was 0.79 per cent lower in Dollar terms (4.04 per cent higher in Rupee terms) than the level of US$ 22346.75 million (Rs. 142572.92 crore) during May,2015. Cumulative value of exports for the period April-May 2016-17 was US$42739.47million (Rs. 285056.42 crore) as against US$ 44401.47 million (Rs.280973.36 crore) registering a negative growth of 3.74 per cent in Dollar terms and positive growth of 1.45 per cent in Rupee terms over the same period last year.

Non-petroleum exports in May 2016 are valued at US$ 20119.97 million against US$ 19919.00 million in May 2015, an increase of 1.01%. Non-petroleum exports during April to May 2016 are valued at US$ 38709.24 million as compared to US$ 39218.56 million for the corresponding period in 2015, a reduction of 1.30%.

The decline in exports for India has slowed considerably as the above figures indicate. The growth in exports have fallen for USA (6.15%), European Union (1.42%), Japan (0.75%) but China exhibited positive growth (11.39%) for March 2016 over the corresponding period previous year as per WTO statistics.

IMPORTS

Imports during May 2016 were valued at US$ 28443.52 million (Rs. 190306.19 crore) which was 13.16 per cent lower in Dollar terms and 8.93 per cent lower in Rupee terms over the level of imports valued at US$ 32752.99million (Rs. 208965.06 crore) in May,2015. Cumulative value of imports for the period April-May 2016-17 was US$ 53857.24 million (Rs. 359229.90 crore) as against US$ 65800.01 million (Rs. 416345.69 crore) registering a negative growth of 18.15 per cent in Dollar terms and 13.72 per cent in Rupee terms over the same period last year.

CRUDE OIL AND NON-OIL IMPORTS:

Oil imports during May, 2016 were valued at US$ 5938.59 million which was 30.45 per cent lower than oil imports valued at US$ 8538.67 million in the corresponding period last year. Oil imports during April-May, 2016-17 were valued at US$ 11594.51 million which was 27.45 per cent lower than the oil imports of US$ 15981.59 million in the corresponding period last year.

Non-oil imports during May, 2016 were estimated at US$ 22504.93 million which was 7.06 per cent lower than non-oil imports of US$ 24214.32 million in May, 2015. Non-oil imports during April-May 2016-17 were valued at US$ 42262.73 million which was 15.17 per cent lower than the level of such imports valued at US$ 49818.42 million in April-May, 2015-16.

II.TRADE IN SERVICES (for April, 2016, as per the RBI Press Release dated 15^thJune, 2016)

EXPORTS (Receipts)

Exports during April, 2016 were valued at US$ 12,908 Million (Rs. 85798.83 Crore) registering a positive growth of 0.10 per cent in dollar terms as compared to positive growth of 4.59 per cent during March 2016 (as per RBI’s Press Release for the respective months).

IMPORTS (Payments)

Imports during April, 2016 were valued at US$ 7183 Million (Rs. 47745.04 Crore) registering a negative growth of 9.13 per cent in dollar terms as compared to positive growth of 9.96 per cent during March 2016 (as per RBI’s Press Release for the respective months).

III.TRADE BALANCE

MERCHANDISE: The trade deficit for April-May, 2016-17 was estimated at US$ 11117.77 million which was lower than the deficit of US$ 21398.54 million during April-May, 2015-16.

SERVICES: As per RBI’s Press Release dated 15^th June 2016, the trade balance in Services (i.e. net export of Services) for April, 2016 was estimated at US$ 5725 million.

OVERALL TRADE BALANCE: Overall the trade balance has improved. Taking merchandise and services together, overall trade deficit for April- May 2016-17 is estimated at US$ 5392.77 million which is 65.67 percent lower in Dollar terms than the level of US$ 15710.54 million during April-May 2015-16. (Services data pertains to April 2016 as per the latest data available in RBI’s Press Release dated 15th June 2016).

MERCHANDISE TRADE

EXPORTS & IMPORTS  : (US $ Million)
(PROVISIONAL)
	MAY	APRIL-MAY
EXPORTS(including re-exports)
2015-16	22346.75	44401.47
2016-17	22170.62	42739.47
%Growth2016-17/ 2015-16	-0.79	-3.74
IMPORTS
2015-16	32752.99	65800.01
2016-17	28443.52	53857.24
%Growth2016-17/ 2015-16	-13.16	-18.15
TRADE BALANCE
2015-16	-10406.24	-21398.54
2016-17	-6272.90	-11117.77
EXPORTS & IMPORTS  : (Rs. Crore)
(PROVISIONAL)
	MAY	APRIL-MAY
EXPORTS(including re-exports)
2015-16	142572.92	280973.36
2016-17	148336.31	285056.42
%Growth2016-17/ 2015-16	4.04	1.45
IMPORTS
2015-16	208965.06	416345.69
2016-17	190306.19	359229.90
%Growth2016-17/ 2015-16	-8.93	-13.72
TRADE BALANCE
2015-16	-66392.14	-135372.33
2016-17	-41969.88	-74173.48

SERVICES TRADE

EXPORTS & IMPORTS (SERVICES) : (US $ Million)
(PROVISIONAL)	April 2016-17
EXPORTS (Receipts)	12908.00
IMPORTS (Payments)	7183.00
TRADE BALANCE	5725.00
EXPORTS & IMPORTS (SERVICES): (Rs. Crore)
(PROVISIONAL)	April 2016-17
EXPORTS (Receipts)	85798.83
IMPORTS (Payments)	47745.04
TRADE BALANCE	38053.79
Source: RBI Press Release dated 15th June 2016

Trade Balance improved as combined merchandise and services deficit narrowed on yearly comparison. Merchandise exports fell slightly in dollar terms while imports declined markedly, driven by substantial reductions in oil and lower non oil imports; non petroleum exports rose modestly for the month but fell cumulatively. Services receipts were essentially flat and payments declined, producing a positive net services balance. Combined merchandise and services flows produced a materially narrower overall trade deficit for the April-May period, as reflected in provisional dollar and rupee figures and comparative growth rates.