ARTICLE. India’s Foreign Trade: 2012-13
ARTICLE
India’s Foreign Trade: 2012-13
India’s Foreign Trade: 2012-13*
This article reviews India’s merchandise trade performance during April-June 2012-13 (Q1) on the basis of data released by the Directorate General of Commercial Intelligence and Statistics (DGCI&S). It also analyses disaggregated commodity-wise and directionwise details for the year 2011-12. Commodity-wise data on merchandise exports show that engineering goods, petroleum products, chemicals, textiles, gems & jeweller y and agricultural products contributed more than 89 per cent of India’s exports during 2011-12. While the share of European Union in India’s total merchandise exports declined marginally during 2011-12, the same of OPEC countries declined by more than two percentage points.
Highlights
During Q1 of 2012-13, exports stood at US$ 75.2 billion and showed a decline of 1.7 per cent as against an increase of 36.4 per cent during Q1 of 2011-12. Significant deceleration in export performance recorded in the second half of 201112 continued during Q1 of 2012-13 as global economic and trade environment remained unsupportive. During Q1 of 2012-13, imports declined by 6.1 per cent over the corresponding quarter of 2011-12 and stood at US$ 115.3 billion. Lower imports during Q1 of 2011-12 mainly reflected the contraction in import of gold and silver and a moderate growth in imports of petroleum, oil and lubricants (POL). Lower growth in POL imports at 5.5 per cent during Q1 of 2012-13 as compared with 52.5 per cent during Q1 of 2011-12 may be partly reflecting the moderation in international crude oil prices. Imports of gold and silver at US$ 9.4 billion during Q1 of 2012-13 were 48.4 per cent lower than that in Q1 of 2011-12. Non-oil non-gold imports during Q1 of 2012-13 at US$ 65.3 billion recorded a decline of 2.9 per cent as compared to an increase of 18.9 per cent in Q1 of preceding year. Trade deficit during Q1 of 2012-13 stood lower at US$ 40.1 billion as compared with US$
India’s Foreign Trade: 2012-13
India’s Foreign Trade: 2012-13*
This article reviews India’s merchandise trade performance during April-June 2012-13 (Q1) on the basis of data released by the Directorate General of Commercial Intelligence and Statistics (DGCI&S). It also analyses disaggregated commodity-wise and directionwise details for the year 2011-12. Commodity-wise data on merchandise exports show that engineering goods, petroleum products, chemicals, textiles, gems & jeweller y and agricultural products contributed more than 89 per cent of India’s exports during 2011-12. While the share of European Union in India’s total merchandise exports declined marginally during 2011-12, the same of OPEC countries declined by more than two percentage points.
Highlights
During Q1 of 2012-13, exports stood at US$ 75.2 billion and showed a decline of 1.7 per cent as against an increase of 36.4 per cent during Q1 of 2011-12. Significant deceleration in export performance recorded in the second half of 201112 continued during Q1 of 2012-13 as global economic and trade environment remained unsupportive. During Q1 of 2012-13, imports declined by 6.1 per cent over the corresponding quarter of 2011-12 and stood at US$ 115.3 billion. Lower imports during Q1 of 2011-12 mainly reflected the contraction in import of gold and silver and a moderate growth in imports of petroleum, oil and lubricants (POL). Lower growth in POL imports at 5.5 per cent during Q1 of 2012-13 as compared with 52.5 per cent during Q1 of 2011-12 may be partly reflecting the moderation in international crude oil prices. Imports of gold and silver at US$ 9.4 billion during Q1 of 2012-13 were 48.4 per cent lower than that in Q1 of 2011-12. Non-oil non-gold imports during Q1 of 2012-13 at US$ 65.3 billion recorded a decline of 2.9 per cent as compared to an increase of 18.9 per cent in Q1 of preceding year. Trade deficit during Q1 of 2012-13 stood lower at US$ 40.1 billion as compared with US$