India's exports decline by 6.84% in July 2016 to $ 21.689 billion
Business & Economy

India's exports decline by 6.84% in July 2016 to $ 21.689 billion

NetIndian News Network

New Delhi, August 12, 2016

India's merchandise exports slipped back into negative territory in July 2016, declining by 6.84 percent to $ 21.689 billion from $ 23.281 billion in the same month of last year, after reversing 18 consecutive months of fall by rising by 1.27% in June.
An official press release said here today that, in rupee terms, the exports fell by 1.61% to Rs.145770.39 crore in July 2016 from Rs. 148149.92 crore during July, 2015. 
The cumulative value of exports for the period April-July 2016-17 was $ 87.001 billion (Rs.582731.37 crore) as against $ 90.271 billion (Rs.573364.73 crore) during the same period of the previous year, registering a decline of 3.62% in dollar terms and growth of 1.63% in rupee terms.
Non-petroleum exports in July 2016 are valued at $ 19.193 billion against $ 20.089 billion in July 2015, a decrease of 4.46%. Non-petroleum exports during April-July 2016 were valued at $ 77.899 billion as compared to $ 78.778 billion for the corresponding period in 2015, a reduction of 1.12%.
The growth in exports have fallen for USA (-6.57%), Japan (-1.80%), China (-5.49%) but the European Union exhibited positive growth (1.37%) for May 2016 over the corresponding period of previous year as per latest WTO statistics, the release said.
Imports during July 2016 were valued at $ 29.451 billion (Rs.197932.93 crore) which was 19.03 per cent lower in dollar terms and 14.48 per cent lower in rupee terms over the level of imports valued at $ 36.372 billion (Rs. 231453.65 crore) in July 2015. 
The cumulative value of imports for the period April-July 2016-17 was $ 113.997 billion (Rs. 763687.22 crore) as against $ 136.252  billion (Rs. 865388.34 crore), registering a negative growth of 16.33% in dollar terms and 11.75% in rupee terms over the same period last year.
Oil imports during July 2016 were valued at $ 6.820 billion which was 28.10% lower than oil imports valued at $ 9.486 billion in the corresponding period last year. Oil imports during April-July 2016-17 were valued at $ 25.667 billion which was 25.01% lower than the oil imports of $ 34.226 billion in the corresponding period last year.
Non-oil imports during July 2016 were estimated at $ 22.631 billion which was 15.83% lower than non-oil imports of $ 26.886 billion in July 2015. Non-oil imports during April-July 2016-17 were valued at $ 88.33 billion which was 13.42%  lower than the level of such imports valued at $ 102.027 billion in April-July 2015-16.
As far as trade in services is concerned, exports during June 2016 were valued at $ 13.322 billion (Rs. 89652.93 crore), registering a negative growth of 1.03% in dollar terms as compared to positive growth of 4.28% during May 2016, as per data from the Reserve Bank of India (RBI).
Imports of services during June 2016 were valued at $ 8.389 billion (Rs. 56455.37 crore) registering a positive growth of 5.89%in dollar terms as compared to positive growth of 10.29% during May 2016.
The trade deficit for April-July, 2016-17 was estimated at $ 26.995 billion which was lower than the deficit of $ 45.981 billion during April-July 2015-16 as far as merchandise was concerned.
The trade balance in services for June 2016 was estimated at $ 4.933 billion. The net export of services for April-June 2016-17 was estimated at $ 16.196 billion which is lower than net export of services of $ 16.487 billion during April-June 2015-16.
"Overall the trade balance has improved. Taking merchandise and services together, overall trade deficit for April- July 2016-17 is estimated at $ 10.799 billion which is 63.38% lower in dollar terms than the level of $ 29.494 billion during April-July 2015-16. 
NNN
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