India’s trade deficit widens to 16-months high in November 2016

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Merchandise up 2.3%, jumps 10.4% in November 2016

India’s merchandise increased 2.3% to US$ 20.01 billion in November 2016 over a year ago. Meanwhile, merchandise surged 10.4% to US$ 33.02 billion. The trade deficit jumped 25.9% to 16-months high of US$ 13.01 billion in November 2016 from US$ 10.34 billion in November 2015.

Oil rose 5.9% to US$ 6.84 billion, while the non-oilgained 11.7% to US$ 26.18 billion in November 2016 over November 2015. The share of oil in totalwas 20.7% in November 2016, compared with 21.6% in November 2015. India’s basket of crude oil increased 4.6% to US$ 44.46 per barrel in November 2016 over November 2015.

Among the non-oil imports, the major contributors to the overall rise in were gold rising 23.2% to US$ 4.36 billion, pearls, precious & semi-precious stones 60.9% to US$ 1.57 billion, crude petroleum & products 5.9% to US$ 6.84 billion, coal 32.5% to US$ 1.28 billion, pulses 53.6% to US$ 0.61 billion, electronic goods 5.4% to US$ 3.54 billion, electrical & non-electrical machinery 8.3% to US$ 2.23 billion and chemical material & products 23.6% to US$ 0.46 billion. The also improved for vegetable oil by 9.6% to US$ 0.91 billion, metaliferrous ores & minerals 10.9% to US$ 0.54 billion, project goods 30.8% to US$ 0.21 billion, wood & products 12.4% to US$ 0.44 billion and artificial resins 4.9% to US$ 0.98 billion.

On the other hand, the have declined for transport equipment 37.9% to US$ 1.19 billion, iron & steel 16.2% to US$ 0.93 billion, silver 36.3% to US$ 0.18 billion, medicinal & pharmaceutical products 8.4% to US$ 0.39 billion, organic & inorganic chemicals 2.5% to US$ 1.21 billion, fruits & vegetables 9.8% to US$ 0.16 billion, pulp and waste paper 16.4% to US$ 0.06 billion and textile yarn fabric, made-up articles 9.3% to US$ 0.12 billion in November 2016.

On front, the engineering goods recorded an increase in by 11.6% to US$ 4.96 billion, followed by iron ore 1012.8% to US$ 0.19 billion, marine products 27.9% to US$ 0.57 billion, petroleum products 3.4% to US$ 2.41 billion, fruits & vegetables 43.6% to US$ 0.25 billion, drugs & pharmaceuticals 5.8% to US$ 1.27 billion, organic & inorganic chemicals 5.9% to US$ 1.07 billion, and leather & leather products 6.4% to US$ 0.42 billion.

However, the declined for, gems & jewellery 12.8% to US$ 2.53 billion, rice 18.2% to US$ 0.35 billion, man-made yarn/fabrics/made-ups 11.0% to US$ 0.30 billion, RMG of all textiles 2.9% to US$ 1.15 billion, coal & other ores, minerals 8.1% to US$ 0.24 billion, plastic & linoleum 2.2% to US$ 0.43 billion, tea 6.9% to US$ 0.06 billion, in November 2016.

Merchandise in rupees increased 4.6% to Rs 135316 crore, while moved up 13.0% to Rs 223290 crore in November 2016 over November 2015. The trade deficit widened to Rs 87973 crore in November 2016 compared with Rs 68335 crore in November 2015.

India’s merchandise rose 0.3% to US$ 174.92 billion, while merchandise fell 8.1% to US$ 241.10 billion in April-November 2016. The decline in was driven by a 13.4% plunge in oil to US$ 53.28 billion. India’s merchandise trade deficit declined to US$ 66.18 billion in April-November 2016 from US$ 87.91 billion in April-November 2015.