I. MERCHANDISE TRADE

  EXPORTS (including re-exports) 

In consonance with the revival exhibited by exports in the last two months, during November,2016 exports continue to show a positive growth of 2.29% in dollar terms (valued at US$ 20009.58 million) and 4.63 per cent in Rupee terms (valued at ₹ 135316.19 crore) as compared to US$ 19560.92 million (₹ 129331.11 crore) during November,2015.  

Cumulative value of exports for the period April-November 2016-17 was US$ 174922.78 million (₹ 1171733.68 crore) as against US$ 174740.27 million (₹ 1127542.80 crore) registering a positive growth of 0.10 per cent in Dollar terms and positive growth of 3.92 per cent in Rupee terms over the same period last year. 

Non-petroleum exports in November 2016 were valued at US$ 17602.33 million against US$ 17232.25 million in November 2015, an increase of 2.1 %. Non-petroleum exports during April - November 2016-17 were valued at US$ 155713.51 million as compared to US$ 152923.93 million for the corresponding period in 2015, an increase of 1.8%. 

The growth in exports for USA (0.25%), Japan (9.81%) but China and EU exhibited negative growth of (-10.15%) and (-0.57%) respectively for September 2016 over the corresponding period of previous year as per latest WTO statistics.

IMPORTS

Imports during November 2016 were valued at US$ 33018.45 million (₹ 223289.57 crore) which was 10.44 per cent higher in Dollar terms and 12.96 per cent higher in Rupee terms over the level of imports valued at US$ 29896.41 million (₹ 197666.37) in November,2015. Cumulative value of imports for the period April-November 2016-17 was US$ 241101.60 million (₹ 1615510.92 crore) as against US$ 263314.36 million (₹ 1698957.27 crore) registering a negative growth of 8.44 per cent in Dollar terms and 4.91 per cent in Rupee terms over the same period last year.

CRUDE OIL AND NON-OIL IMPORTS:               

Oil imports during November, 2016 were valued at US$ 6837.76 million which was 5.89 percent higher than oil imports valued at US$ 6457.37 million in November 2015. Oil imports during April-November, 2016-17 were valued at US$ 53276.41 million which was 13.51 per cent lower than the oil imports of US$ 61596.76 million in the corresponding period last year.

Non-oil imports during November, 2016 were estimated at US$ 26180.69 million which was 11.70 per cent higher than non-oil imports of US$ 23439.04 million in November, 2015. Non-oil imports during April-November 2016-17 were valued at US$ 187825.19 million which was 6.89 per cent lower than the level of such imports valued at US$ 201717.60 million in April-November, 2015-16.

II.TRADE IN SERVICES (for October, 2016, as per the RBI Press Release dated 15^th December 2016)

EXPORTS (Receipts)

Exports during October 2016 were valued at US$ 13113 Million (₹ 87526.26 Crore) registering a negative growth of 4.79 per cent in dollar terms as compared to positive growth of 2.93  per cent during September 2016 (as per RBI’s Press Release for the respective months).

IMPORTS (Payments)

Imports during October 2016 were valued at US$ 7680 Million (₹ 51262.23 Crore) registering a negative growth of 7.51 per cent in dollar terms as compared to positive growth of 3.10 per cent during September 2016 (as per RBI’s Press Release for the respective months).

III.TRADE BALANCE

MERCHANDISE: The trade deficit for April-November, 2016-17 was estimated at US$ 66178.82 million which was 25.28% lower than the deficit of US$ 88574.09 million during April-November, 2015-16.

SERVICES: As per RBI’s Press Release dated 15^th December 2016, the trade balance in Services (i.e. net export of Services) for October, 2016 was estimated at US$ 5433 million. The net export of services for April- October, 2016-17 was estimated at US$ 37791 million which is lower than net export of services of US$ 40373 million during April- October, 2015-16. (The data for April-October 2015-16 and 2016-17 has been derived by adding April-October month wise QE data of RBI Press Release).

OVERALL TRADE BALANCE: Overall the trade balance has improved. Taking merchandise and services together, overall trade deficit for April- November 2016-17 is estimated at US$ 28387.82 million which is 41.11 percent lower in Dollar terms than the level of US$ 48201.09 million during April-November 2015-16. (Services data pertains to April-October 2016-17 as October 2016 is the latest data available as per RBI’s Press Release dated 15^th December 2016)

MERCHANDISE TRADE

EXPORTS & IMPORTS  : (US $ Million)
(PROVISIONAL)
	NOVEMBER	APRIL-NOVEMBER
EXPORTS(including re-exports)
2015-16	19560.92	174740.27
2016-17	20009.58	174922.78
%Growth2016-17/ 2015-16	2.29	0.10
IMPORTS
2015-16	29896.41	263314.36
2016-17	33018.45	241101.60
%Growth2016-17/ 2015-16	10.44	-8.44
TRADE BALANCE
2015-16	-10335.49	-88574.09
2016-17	-13008.87	-66178.82
EXPORTS & IMPORTS  : (₹ Crore)
(PROVISIONAL)
	NOVEMBER	APRIL-NOVEMBER
EXPORTS(including re-exports)
2015-16	129331.11	1127542.80
2016-17	135316.19	1171733.68
%Growth2016-17/ 2015-16	4.63	3.92
IMPORTS
2015-16	197666.37	1698957.27
2016-17	223289.57	1615510.92
%Growth2016-17/ 2015-16	12.96	-4.91
TRADE BALANCE
2015-16	-68335.26	-571414.47
2016-17	-87973.38	-443777.24

SERVICES TRADE

EXPORTS & IMPORTS (SERVICES) : (US $ Million)
(PROVISIONAL)	October 2016-17
EXPORTS (Receipts)	13113.00
IMPORTS (Payments)	7680.00
TRADE BALANCE	5433.00
EXPORTS & IMPORTS (SERVICES): (₹ Crore)
(PROVISIONAL)	October 2016-17
EXPORTS (Receipts)	87526.26
IMPORTS (Payments)	51262.23
TRADE BALANCE	36264.03
Source: RBI Press Release dated 15th December 2016

Trade balance improves as combined merchandise and services deficit narrows, driven by modest export growth and lower imports. Merchandise exports rose modestly in November 2016 while cumulative April-November exports were broadly flat in dollar terms and up in rupee terms. Imports increased in November year-on-year but declined cumulatively for April-November. Oil imports were higher in November yet lower on a cumulative basis; non oil imports rose in November but fell cumulatively. Services receipts and payments contracted in October, reducing the services surplus for April-October. Overall, the combined merchandise and services trade deficit for the period narrowed significantly compared with the prior year.