India’s overall exports (Merchandise and Services combined) in April-November 2018-19* are estimated to be USD 351.99 Billion, exhibiting a positive growth of 15.48 per cent over the same period last year. Overall imports in April-November2018-19* are estimated to be USD 428.18 Billion, exhibiting a positive growth of 16.86 per cent over the same period last year.

*Note: Services data pertains to April-October 2018-19 as October 2018 is the latest data available as per RBI’s Press Release dated 14th December 2018. It is arrived at by adding Month-wise QE dataof RBI’s press release for April to October 2018-19. This data is provisional and subject to revision by RBI. In addition, it may be noted that data for November 2018 is estimated and added to the April-October 2018-19 data of RBI to calculate the Overall Trade Deficit for April-November 2018-19. It will be revised based on RBI’s next press release for November 2018. 

1. MERCHANDISE TRADE

EXPORTS (including re-exports)

Exports inNovember 2018 were US $ 26.50 Billion, as compared to US $ 26.29 Billion in November 2017, exhibiting a positive growth of 0.80 per cent. In Rupee terms, exports were ₹ 1,90,429.46 Crore in November 2018, as compared to ₹ 1,70,541.01 Crore in November 2017, registering a positive growth of 11.66 per cent. 

In November 2018, major commodity groups of export showing positive growth over the corresponding month of last year are

   

Cumulative value of exports for the period April-November 2018-19 was US $ 217.52Billion (Rs.15,14,369.74 Crore) as against US $ 194.93 Billion (Rs.12,57,811.49 Crore) during the period April-November 2017-18, registering a positive growth of 11.58 per cent in Dollar terms (20.40 per cent in Rupee terms).

Non-petroleum and Non Gems and Jewellery exports in November 2018 were US $ 18.57 Billion, as compared to US $ 19.32 Billion in November 2017, exhibiting a negative growth of 3.93 per cent. Non-petroleum and Non Gems and Jewellery exports in April-November 2018-19 were US $ 156.55 Billion, as compared to US $ 143.77 Billion for the corresponding period in 2017-18, an increase of 8.89 per cent.

IMPORTS

Imports in November 2018 were US $ 43.17 Billion (Rs. 3,10,215.46 Crore), which was 4.31 per cent higher in Dollar terms and 15.55 per cent higher in Rupee terms over imports of US $ 41.39 Billion (Rs.2,68,467.53 Crore) in November 2017. Cumulative value of imports for the period April-November 2018-19 was US $ 345.64 Billion (Rs.24,07,273.87 Crore), as against US $ 301.31 Billion (Rs.19,44,355.48 Crore) during the period April-November 2017-18, registering a positive growth of 14.71 per cent in Dollar terms (23.81 per cent in Rupee terms). 

Major commodity groups of import showing high growth in November 2018 over the corresponding month of last year are:

CRUDE OIL AND NON-OIL IMPORTS:

Oil imports in November 2018 were US $ 13.49 Billion (Rs. 96,955.56 Crore), which was 41.31 percent higher in Dollar terms (56.55 percent higher in Rupee terms), compared to US $ 9.55 Billion (Rs. 61,933.97 Crore) in November 2017. Oil imports in April-November 2018-19 were US $ 97.43 Billion (Rs. 6,79,769.26 Crore) which was 49.14 per cent higher in Dollar terms (61.21 percent higher in Rupee terms) compared to US $ 65.33 Billion (Rs. 4,21,667.12 Crore), over the same period last year.

In this connection it is mentioned that the global Brent price ($/bbl) has increased by 4.16% in November 2018 vis-à-vis November 2017 as per data available from World Bank (Pink Sheet).

Non-oil imports in November 2018 were estimated at US $ 29.68 Billion (Rs.2,13,259.90 Crore) which was 6.79per cent lower in Dollar terms (3.26 percent higher in Rupee terms), compared to US $ 31.84 Billion (Rs. 2,06,533.56 Crore) in November 2017. Non-oil imports in April-November 2018-19 were US $ 248.21 Billion (Rs.17,27,504.61 Crore) which was 5.18 per cent higher in Dollar terms (13.45 percent higher in Rupee terms), compared to US $ 235.98 Billion (Rs. 15,22,688.36 Crore) in April-November2017-18.

Non-Oil and Non-Gold imports were US $ 26.92 billion in November 2018, recording a negative growth of 5.78 per cent, as compared to Non-Oil and Non-Gold imports in November 2017. Non-Oil and Non-Gold imports were US $ 226.13 billion in April-November 2018-19, recording a positive growth of 6.27 per cent, as compared to Non-Oil and Non-Gold imports in April-November 2017-18.

1. TRADE IN SERVICES (for October, 2018, as per the RBI Press Release dated 14th December 2018)

EXPORTS (Receipts)

Exports in October2018 were US $ 16.82Billion (Rs.1,23,812.71 Crore) registering a positive growth of 2.65 per cent in dollar terms, vis-à-vis September 2018. (as per RBI’s Press Release for the respective months).

IMPORTS (Payments)

Imports inOctober2018 were US $ 10.10 Billion (Rs.74,361.26 Crore) registering a positive growth of 1.54 per cent in dollar terms,vis-à-vis September 2018.  (as per RBI’s Press Release for the respective months).

III.TRADE BALANCE

MERCHANDISE: The trade deficit for November 2018 was estimated at US $ 16.67 Billion as against the deficit of US $ 15.10 Billion in November 2017.

SERVICES: As per RBI’s Press Release dated 14th December 2018, the trade balance in Services (i.e. Net Services export) for October, 2018 is estimated at US $ 6.72 Billion.

OVERALL TRADE BALANCE: Taking merchandise and services together, overall trade deficit for April-November 2018-19* is estimated at US $ 76.19 Billion as compared to US $ 61.58 Billion in April-November 2017-18.

*Note: Services data pertains to April-October 2018-19 as October 2018 is the latest data available as per RBI’s Press Release dated 14th December 2018. It is arrived at by adding Month-wise QE dataof RBI’s press release for April to October 2018-19. This data is provisional and subject to revision by RBI. In addition, it may be noted that data for November 2018 is estimated and added to the April-October 2018-19 data of RBI to calculate the Overall Trade Deficit for April-November 2018-19. It will be revised based on RBI’s next press release for November 2018. 

MERCHANDISE TRADE

EXPORTS & IMPORTS: (US $ Billion)
(PROVISIONAL)
	NOVEMBER	APRIL-NOVEMBER
EXPORTS (including re-exports)
2017-18	26.29	194.93
2018-19	26.50	217.52
%Growth 2018-19/ 2017-18	0.80	11.58
IMPORTS
2017-18	41.39	301.31
2018-19	43.17	345.64
%Growth 2018-19/ 2017-18	4.31	14.71
TRADE BALANCE
2017-18	-15.10	-106.37
2018-19	-16.67	-128.13
EXPORTS & IMPORTS: (Rs. Crore)
(PROVISIONAL)
	NOVEMBER	APRIL- NOVEMBER
EXPORTS(including re-exports)
2017-18	170541.01	1257811.49
2018-19	190429.46	1514369.74
%Growth 2018-19/ 2017-18	11.66	20.40
IMPORTS
2017-18	268467.53	1944355.48
2018-19	310215.46	2407273.87
%Growth 2018-19/ 2017-18	15.55	23.81
TRADE BALANCE
2017-18	-97926.52	-686543.99
2018-19	-119786.00	-892904.13

SERVICES TRADE

 

EXPORTS & IMPORTS (SERVICES) : (US $ Billion)
(Provisional)	OCTOBER 2018	APRIL-OCTOBER 2018-19
EXPORTS (Receipts)	16.82	117.88
IMPORTS (Payments)	10.10	72.67
TRADE BALANCE	6.72	45.21
EXPORTS & IMPORTS (SERVICES): (Rs. Crore)
(Provisional)	OCTOBER2018	APRIL-OCTOBER 2018-19
EXPORTS (Receipts)	1,23,812.71	8,16,507.69
IMPORTS (Payments)	74,361.26	5,03,133.74
TRADE BALANCE	49,451.45	3,13,373.95

Note: Services data pertains to April-October 2018-19 as October 2018 is the latest data available as per RBI’s Press Release dated 14^thDecember 2018. April-October 2018-19 data is arrived at by adding Month-wise QE data. This has been used along with the estimate of service exports and imports for November 2018, as explained in page-1 for the purpose of this Press note.

QUICK ESTIMATES FOR SELECTED MAJOR COMMODITIES FOR NOVEMBER 2018

 TRADE: EXPORT

Sl. No.	Commodities	(Values in Rs. crores)		% change
		NOV'17	NOV'18	NOV'18
1	Tea	537.25	508.77	-5.30
2	Coffee	457.29	376.59	-17.65
3	Rice	3556.24	3027.99	-14.85
4	Other cereals	170.11	150.40	-11.59
5	Tobacco	462.83	569.20	22.98
6	Spices	1609.10	2027.21	25.98
7	Cashew	574.59	543.09	-5.48
8	Oil Meals	1020.01	1209.75	18.60
9	Oil seeds	1145.43	840.53	-26.62
10	Fruits & Vegetables	1355.16	1127.09	-16.83
11	Cereal preparations & miscellaneous processed items	790.77	891.85	12.78
12	Marine Products	4881.25	4591.62	-5.93
13	Meat, dairy & poultry products	3377.74	2570.22	-23.91
14	Iron Ore	975.08	1033.86	6.03
15	Mica, Coal & Other Ores, Minerals including processed minerals	1915.57	2205.17	15.12
16	Leather & leather products	2749.63	2888.07	5.04
17	Ceramic products & glassware	1053.06	1696.48	61.10
18	Gems & Jewellery	21825.94	20092.46	-7.94
19	Drugs & Pharmaceuticals	9332.28	10669.45	14.33
20	Organic & Inorganic Chemicals	10818.77	13454.22	24.36
21	Engineering Goods	46007.69	42632.07	-7.34
22	Electronic Goods	3757.74	5706.05	51.85
23	Cotton Yarn/Fabs./made-ups, Handloom Products etc.	5686.15	5967.79	4.95
24	Man-made Yarn/Fabs./made-ups etc.	2477.41	2663.70	7.52
25	RMG of all Textiles	6719.85	8112.46	20.72
26	Jute Mfg. including Floor Covering	164.25	203.46	23.87
27	Carpet	739.75	963.65	30.27
28	Handicrafts excl. handmade carpet	919.61	1054.11	14.63
29	Petroleum Products	23370.12	36939.20	58.06
30	Plastic & Linoleum	3931.47	5600.16	42.44
	Sub Total	162382.13	180316.67	11.04
	GRAND   TOTAL	170541.01	190429.46	11.66

Note 1: Grand total is inclusive of component ‘Other’.

Note 2: The figures for NOVEMBER'18 and NOVEMBER'17 are provisional and subject to change

QUICK ESTIMATES FOR SELECTED MAJOR COMMODITIES FOR NOVEMBER 2018

TRADE: EXPORT

Sl. No.	Commodities	(Values in Million USD)		% change
		NOV'17	NOV'18	NOV'18
1	Tea	82.83	70.81	-14.51
2	Coffee	70.50	52.41	-25.66
3	Rice	548.27	421.41	-23.14
4	Other cereals	26.23	20.93	-20.21
5	Tobacco	71.36	79.22	11.01
6	Spices	248.08	282.13	13.73
7	Cashew	88.59	75.58	-14.69
8	Oil Meals	157.26	168.36	7.06
9	Oil seeds	176.59	116.98	-33.76
10	Fruits & Vegetables	208.93	156.86	-24.92
11	Cereal preparations & miscellaneous processed items	121.92	124.12	1.80
12	Marine Products	752.55	639.02	-15.09
13	Meat, dairy & poultry products	520.75	357.70	-31.31
14	Iron Ore	150.33	143.88	-4.29
15	Mica, Coal & Other Ores, Minerals including processed minerals	295.33	306.90	3.92
16	Leather & leather products	423.92	401.93	-5.19
17	Ceramic products & glassware	162.35	236.10	45.43
18	Gems & Jewellery	3364.95	2796.28	-16.90
19	Drugs & Pharmaceuticals	1438.78	1484.87	3.20
20	Organic & Inorganic Chemicals	1667.95	1872.43	12.26
21	Engineering Goods	7093.10	5933.14	-16.35
22	Electronic Goods	579.34	794.12	37.07
23	Cotton Yarn/Fabs./made-ups, Handloom Products etc.	876.65	830.54	-5.26
24	Man-made Yarn/Fabs./made-ups etc.	381.95	370.71	-2.94
25	RMG of all Textiles	1036.01	1129.02	8.98
26	Jute Mfg. including Floor Covering	25.32	28.32	11.85
27	Carpet	114.05	134.11	17.59
28	Handicrafts excl. hand made carpet	141.78	146.70	3.47
29	Petroleum Products	3603.02	5140.85	42.68
30	Plastic & Linoleum	606.12	779.38	28.59
	Sub Total	25034.81	25094.81	0.24
	GRAND   TOTAL	26292.66	26502.20	0.80

Note 1: Exports include Re-Exports.

Note 2: The figures for NOVEMBER'18 and NOVEMBER'17 are provisional and subject to change

Note 3: Grand total is inclusive of component ‘Other’.

QUICK ESTIMATES FOR SELECTED MAJOR COMMODITIES FOR NOVEMBER 2018

TRADE: IMPORT

Sl. No.	Commodities	(Values in Rs. crores)		% change
		NOV'17	NOV'18	NOV'18
1	Cotton Raw & Waste	136.62	187.79	37.46
2	Vegetable Oil	6120.18	4926.06	-19.51
3	Pulses	2454.67	736.16	-70.01
4	Fruits & vegetables	1333.00	1390.34	4.30
5	Pulp and Waste paper	641.44	727.84	13.47
6	Textile yarn Fabric, made-up articles	1083.80	1147.40	5.87
7	Fertilisers, Crude & manufactured	3029.66	4918.99	62.36
8	Sulphur & Unroasted Iron Pyrites	93.56	266.89	185.26
9	Metalliferous ores & other minerals	5557.10	4760.90	-14.33
10	Coal, Coke & Briquettes, etc.	12953.30	16144.24	24.63
11	Petroleum, Crude & products	61933.97	96955.56	56.55
12	Wood &  Wood products	3298.74	3669.98	11.25
13	Leather & leather products	550.45	658.85	19.69
14	Organic & Inorganic Chemicals	11687.12	14341.10	22.71
15	Dyeing/tanning/colouring mtrls.	1571.63	1929.75	22.79
16	Artificial resins, plastic materials, etc.	7491.17	9222.26	23.11
17	Chemical material & products	3697.88	4847.79	31.10
18	Newsprint	457.11	622.92	36.27
19	Pearls, precious & Semi-precious stones	19125.28	11408.48	-40.35
20	Iron & Steel	8185.08	10662.28	30.26
21	Non-ferrous metals	7416.91	8631.04	16.37
22	Machine tools	1902.48	2529.86	32.98
23	Machinery, electrical & non-electrical	17535.51	20914.34	19.27
24	Transport equipment	15106.26	13083.73	-13.39
25	Project goods	708.79	2338.70	229.96
26	Professional instrument, Optical goods, etc.	2609.92	2947.49	12.93
27	Electronic goods	28340.88	31488.26	11.11
28	Medicinal. & Pharmaceutical products	3312.03	3646.82	10.11
29	Gold	21194.00	19817.82	-6.49
30	Silver	1230.38	2743.05	122.94
	Sub Total	250758.94	297666.71	18.71
	GRAND   TOTAL	268467.53	310215.46	15.55

Note 1: Grand total is inclusive of component ‘Other’.

Note 2: The figures for NOVEMBER'18 and NOVEMBER'17 are provisional and subject to change

QUICK ESTIMATES FOR SELECTED MAJOR COMMODITIES FOR NOVEMBER 2018

TRADE: IMPORT

Sl. No.	Commodities	(Values in Million USD)			% change
		NOV'17	NOV'18	NOV'18
1	Cotton Raw & Waste	21.06	26.13	24.07
2	Vegetable Oil	943.56	685.56	-27.34
3	Pulses	378.44	102.45	-72.93
4	Fruits & vegetables	205.51	193.49	-5.85
5	Pulp and Waste paper	98.89	101.29	2.43
6	Textile yarn Fabric, made-up articles	167.09	159.68	-4.43
7	Fertilisers, Crude & manufactured	467.09	684.58	46.56
8	Sulphur & Unroasted Iron Pyrites	14.42	37.14	157.56
9	Metalliferous ores & other minerals	856.75	662.58	-22.66
10	Coal, Coke & Briquettes, etc.	1997.04	2246.80	12.51
11	Petroleum, Crude & products	9548.49	13493.37	41.31
12	Wood &  Wood products	508.57	510.75	0.43
13	Leather & leather products	84.86	91.69	8.05
14	Organic & Inorganic Chemicals	1801.83	1995.86	10.77
15	Dyeing/tanning/colouring mtrls.	242.30	268.56	10.84
16	Artificial resins, plastic materials, etc.	1154.93	1283.47	11.13
17	Chemical material & products	570.11	674.67	18.34
18	Newsprint	70.47	86.69	23.02
19	Pearls, precious & Semi-precious stones	2948.58	1587.73	-46.15
20	Iron & Steel	1261.91	1483.88	17.59
21	Non-ferrous metals	1143.48	1201.19	5.05
22	Machine tools	293.31	352.08	20.04
23	Machinery, electrical & non-electrical	2703.49	2910.66	7.66
24	Transport equipment	2328.96	1820.87	-21.82
25	Project goods	109.28	325.48	197.84
26	Professional instrument, Optical goods, etc.	402.38	410.20	1.94
27	Electronic goods	4369.37	4382.24	0.29
28	Medicinal. & Pharmaceutical products	510.62	507.53	-0.61
29	Gold	3267.52	2758.06	-15.59
30	Silver	189.69	381.75	101.25
	Sub Total	38660.00	41426.43	7.16
	GRAND   TOTAL	41390.19	43172.91	4.31

Note 1: Imports include Re-Imports.

Note 2: The figures for NOVEMBER'18 and NOVEMBER'17 are provisional and subject to change.

Note 3: Grand total is inclusive of component ‘Other’.

***

Trade balance widens as imports outpace exports, increasing the overall trade deficit and external sector pressure. Provisional statistics show combined merchandise and services exports rose for April-November 2018-19 but imports rose faster, widening the overall trade deficit; merchandise exports recorded modest dollar growth in November 2018 while imports-notably oil imports-rose substantially, and services data used are provisional (through October) with November estimates added pending RBI revision.