During January 2017 exports continue to show a positive growth of 4.32 per cent in dollar terms (valued at US$ 22115.03 million) and 5.61 per cent in Rupee terms (valued at Rs. 150559.98 crore) as compared to US$ 21199.02 million (Rs. 142568.31 crore) during January, 2016. This is the fifth consecutive year that exports from India are showing positive growth and a revival trend.
The RBI stamen says, cumulative value of exports for the period April-January 2016-17 was US$ 220922.78 million (Rs. 1484473.55 crore) as against US$ 218532.64 million (Rs. 1420572.68 crore) registering a positive growth of 1.09 per cent in Dollar terms and positive growth of 4.50 per cent in Rupee terms over the same period last year.
Non-petroleum exports in January 2017 were valued at US$ 19422.86 million against US$ 19111.38 million in January 2016, an increase of 1.6 %. Non-petroleum exports during April – January 2016-17 were valued at US$ 196254.10 million as compared to US$ 192071.50 million for the corresponding period in 2016, an increase of 2.2%.
On the other hand, imports during January 2017 were valued at US$ 31955.94 million (Rs. 217557.32 crore) which was 10.70 per cent higher in Dollar terms and 12.07 per cent higher in Rupee terms over the level of imports valued at US$ 28866.53 million (Rs. 194134.02 crore) in January, 2016. Cumulative value of imports for the period April-January 2016-17 was US$ 307311.86 million (Rs. 2065656.42 crore) as against US$ 326277.38 million (Rs. 2120158.57 crore) registering a negative growth of 5.81 per cent in Dollar terms and 2.57 per cent in Rupee terms over the same period last year.
Service exports are also on the rise. Exports during December 2016 were valued at US$ 13804 Million (Rs. 93729.71 Crore) registering a positive growth of 3.49 per cent in dollar terms as compared to positive growth of 1.72 per cent during November 2016.
Increasing protectionism may pose a threat: FIEO
Commenting on the January exports performance Mr S C Ralhan, President, Federation of Indian Export Organisations (FIEO) said that while continuous positive growth in exports for last 5 months is encouraging, the slowdown in global trade is equally affecting Indian exporters. “Going by the current trend, we are expected to reach around US$ 270 billion this fiscal,” he added.
Mr Ralhan pointed out that India’s export growth is in tandem with global trade growth which is expected to be around 1.7 per cent in 2016. He further maintained that the growth in exports of rice, spices, cashew, oil meals, marine products, engineering goods, organic & inorganic chemicals, augur well for the future. “We need to revisit the challenges faced by drugs & pharmaceuticals, gems & jewellery, carpets and plantations commodities so that they may also contribute to export growth in coming months,” Mr Ralhan maintained.