27 India’s Trade Performance India’s merchandise exports reached a level of US $ 304.62 billion during 2011-12 registering a growth of 21.30 percent as compared to a growth of 40.49 percent during the previous year. Despite the recent setback faced by India’s export sector due to global slowdown, merchandise exports sll recorded a Compound Annual Growth Rate (CAGR) of 20.3 per cent from 2004-05 to 2011-12. World Trade Scenario As per IMF’s World Economic Outlook January, 2013, the volume of world trade (goods and services) in 2012 slowed down to 2.8 per cent compared to the 5.9 per cent achieved in 2011. As per IMF projecons, growth in the volume of world trade is expected to rise to 3.8 per cent in 2013. The IMF has put its growth projecons of world output at 3.5 per cent in 2013. The advanced Chapter-3 Trends in India’s Foreign Trade economies are expected to grow at 1.4 per cent while the emerging and developing economies to grow at 5.5 per cent in 2013. The projected growth rates in different countries are expected to determine the markets for our exports. As per WTO’s Internaonal Trade Stascs, 2012, in merchandise trade, India is the 19 th largest exporter in the world with a share of 1.7 per cent and the 12 th largest importer with a share of 2.5 per cent in 2011. Exports Exports recorded a growth of 21.30 per cent during Apr-Mar 2011-12. The Government has set an export target of US $ 360 billion for 2012-13. The merchandise exports have reached US $ 265.95 billion in 2012-13 (Apr.-Feb.). Export target and achievement from 2004-05 to 2011-12 and 2012- 13 (Apr.-Feb.) is given in the Chart 3.1 below:
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27
India’s Trade Performance
India’s merchandise exports reached a level of US $ 304.62 billion during 2011-12 registering a growth of 21.30 percent as compared to a growth of 40.49 percent during the previous year. Despite the recent setback faced by India’s export sector due to global slowdown, merchandise exports still recorded a Compound Annual Growth Rate (CAGR) of 20.3 per cent from 2004-05 to 2011-12.
World Trade Scenario
As per IMF’s World Economic Outlook January, 2013, the volume of world trade (goods and services) in 2012 slowed down to 2.8 per cent compared to the 5.9 per cent achieved in 2011. As per IMF projections, growth in the volume of world trade is expected to rise to 3.8 per cent in 2013.
The IMF has put its growth projections of world output at 3.5 per cent in 2013. The advanced
Chapter-3
Trends in India’s Foreign Trade
economies are expected to grow at 1.4 per cent while the emerging and developing economies to grow at 5.5 per cent in 2013. The projected growth rates in different countries are expected to determine the markets for our exports.
As per WTO’s International Trade Statistics, 2012, in merchandise trade, India is the 19th largest exporter in the world with a share of 1.7 per cent and the 12th largest importer with a share of 2.5 per cent in 2011.
Exports
Exports recorded a growth of 21.30 per cent during Apr-Mar 2011-12. The Government has set an export target of US $ 360 billion for 2012-13. The merchandise exports have reached US $ 265.95 billion in 2012-13 (Apr.-Feb.). Export target and achievement from 2004-05 to 2011-12 and 2012-13 (Apr.-Feb.) is given in the Chart 3.1 below:
28
Annual Report 2012-13
Imports
Cumulative value of imports during 2012-13 (Apr.-Feb.) was US $ 448.04 billion as against US $ 446.94 billion during the corresponding period of the previous year registering a growth of 0.25 per cent in $ terms. Oil imports were valued at US $ 155.57 billion during 2012-13 (Apr.-Feb.) which was 11.92 per cent higher than oil imports valued US $ 139.00 billion in the corresponding period of previous year. Non-oil imports were valued at US
$ 292.47 billion during 2012-13 (Apr.-Feb.) which was 5.03 per cent lower than non-oil imports of US $ 307.94 billion in previous year.
Trade Balance
The Trade deficit in 2012-13 (Apr.-Feb.) was estimated at US $ billion 182.09 which was higher than the deficit of US $ 169.81 billion during 2011-12 (Apr.-Feb.). Performance of Exports, Imports and Balance of Trade during 2004-05 to 2012-13 (April-Feb.) is given in the table below:
Disaggregated data on exports of Principal Commodities, both in Rupee and Dollar terms, available for the period 2012-13 (April-January) as compared with the corresponding period of the previous year are given in Appendix at Table 3.1 and Table 3.2 respectively. Exports of the top five commodities during the period 2012-13 (April-January) registered a share of 50.8 per
cent in US $ terms mainly due to significant contribution in the exports of Petroleum (Crude & Products), Gems & Jewellery, Transport Equipments, Machinery and Instruments and Drugs, Pharmaceuticals & Fine Chemicals.
The share of top five Principal Commodity Groups in India’s total exports during 2012-13 (April-January) is given at Chart 3.3.
The export performance (in terms of growth in US $ terms) of top five commodities during 2012-13
(April-January) vis-a-vis the corresponding period of the previous year is shown in Chart 3.4.
31
CHAPTER-3 Trends in India’s Foreign Trade
Plantation Crops
Export of Plantation crops during 2012-13 (April–January), decreased by 9.95 per cent in US $ terms compared with the corresponding period of the previous year. Export of Coffee registered a negative growth of 11.44 per cent, the value decreasing from US $ 741.05 million to US $ 656.26 million. Export of Tea also decreased by 8.50 per cent.
Agriculture and Allied Products
Agriculture and Allied Products as a group include Cereals, Pulses, Tobacco, Spices, Nuts and Seeds, Oil Meals, Guargum Meals, Castor Oil, Shellac, Sugar & Molasses, Processed Food, Meat & Meat Products, etc. During 2012-13 (April–January), exports of commodities under this group registered a growth of 27.57 per cent with the value of exports increasing from US $ 21353.59 million in the previous year to US $ 27240.35 million during the current year.
Ores and Minerals
Exports of Ores and Minerals were estimated at US $ 4389.03 million during 2012-13 (April-January) registering a negative growth of 35.48 per cent over the same period of the previous year. Sub groups viz. Iron Ore, Mica, Other ores & minerals and Coal have recorded a negative growth of 64.99 per cent, 0.80 per cent, 9.46 per cent and 5.24 percent respectively. Processed minerals registered a growth of 12.14 per cent.
Leather and Leather Manufactures
Export of Leather and Leather Manufactures recorded a negative growth of 2.22 per cent during 2012-13 (April-January). The value of exports decreased to US $ 3973.92 million from US $ 4064.33 million during the same period of the previous year. Exports of Leather and Manufactures have registered a growth of 3.98 per cent and Leather Footwear registered a negative growth of 10.01 per cent.
Gems and Jewellery
The export of Gems and Jewellery during 2012-13(April-January) decreased to US $ 34758.78 million from US $ 38755.30 million during the corresponding period of last year showing a negative growth of 10.31 per cent.
Chemicals and Related Products
During the period 2012-13 (April-January), the value of exports of Chemicals and Related Products increased to US $ 34686.90 million from US $ 32319.14 million during the same period of the previous year registering a growth of 7.33 per cent. Basic Chemicals and Pharmaceuticals & Cosmetics and Rubber, Glass & Other Products have registered a positive growth and Residual Chemicals and allied products and Plastic & linoleum registered a negative growth.
Engineering Goods
Items under this group consist of Machinery, Iron & Steel and Other Engineering items. Export from this sector during the period 2012-13(April-January) stood at US $ 45543.37 million compared with US $ 47966.60 million during the same period of the previous year, registering a negative growth of 5.05 per cent. The growth in export of Other Engineering items stood at 5.78 per cent, Machinery & Instruments stood at 3.53 per cent and Machine Tools stood at 4.59 per cent.
Electronic Goods
During the period 2012-13 (April-January), exports of Electronic Goods as a group was estimated at US $ 7102.84 million compared with US $ 7441.50 million during the corresponding period of last year, registering a negative growth of 4.55 per cent.
Textiles
During the period 2012-13 (April-January), the value of Textiles exports was estimated at US $ 21200.12 million compared with US $ 22447.75 million in the corresponding period of the previous year, recording a negative growth of 5.56 per cent. The
32
Annual Report 2012-13
export of Readymade Garments, Manmade Textiles & Made Ups, Natural Silk Textiles, Wool and Woolen manufactures, Coir and coir manufactures and Jute manufactures registered negative growth of 7.80 per cent, 12.61 per cent, 23.34 per cent, 19.98 per cent, 7.18 per cent and 16.37 per cent respectively. However, Cotton yarn/Fabrics/Made-ups etc. registered a positive growth of 6.38 per cent.
Handicrafts and Carpets
Exports of Handicrafts declined to US $ 180.51 million during 2012-13 (April- January), from US $ 214.84 million during the corresponding period of the previous year registering a negative growth of 15.98 per cent. Export of carpets increased to US $ 812.17 million from US $ 699.26 million during the same period last year registering a growth of 16.15 per cent.
Project Goods
During 2012-13 (April-January), the export of Project Goods were estimated at US $ 87.70 million compared with US $ 44.10 million during the corresponding period of last year registering a substantial growth of 98.88 per cent.
Petroleum Products
Export of Petroleum Products increased to US $ 48613.38 million during 2012-13 (April- January),
as compared with US $ 46489.12 million during the same period of last year recording a growth of 4.57 per cent.
Cotton Raw including Waste
There was a negative growth in the exports of Cotton Raw including waste by 21.13 per cent from US $ 3326.67 million in 2011-12 (April-January) to US $ 2623.68 million during 2012-13 (April-January).
Imports of Principal Commodities
Disaggregated data on imports of principal commodities, both in Rupee and Dollar terms, available for the period 2012-13 (April– January), as compared to the corresponding period of the previous year are given in Appendix at Table 3.5 and Table 3.6 respectively. Imports of the top five commodities during the period 2012-13 (April-January) registered a share of 61.8 per cent mainly due to significant imports of Petroleum (Crude & Products), Gold, Electronic Goods, Machinery except electrical and electronic and Pearls, precious and semi-precious stones.
The share of top five Principal Commodity in India’s total imports during 2012-13 (April– January) is given at Chart 3.5.
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CHAPTER-3 Trends in India’s Foreign Trade
Fertilizers
During 2012-13 (April– January), import of Fertilizers (manufactured) decreased to US $ 6991.61 million from US $ 8718.13 million in April-January 2011-12 recording a negative growth of 19.80 per cent.
Petroleum Crude & Products
The import of Petroleum Crude & Products stood at US $ 140729.62 million during 2012-13 April - January as against US $ 125871.43 million during the same period of the previous year registering a growth of 11.80 per cent.
Pearls, Precious and Semi-Precious Stones
Import of Pearls, Precious and Semi-Precious Stones during 2012-13 (April– January) decreased to US $ 17696.44 million from US $ 26339.27 million during the corresponding period of the previous year registering a substantial decline of 32.81 per cent.
Capital Goods
Import of Capital Goods, largely comprises of Machinery, including Transport Equipment
and Electrical Machinery. Import of Machine
Tools, Non-Electrical Machinery, and Electrical
Machinery registered a negative growth of 4.67
per cent, 6.94 per cent, 6.45 per cent respectively
and Transport Equipment registered a positive
growth of 0.04 per cent.
Organic and Inorganic Chemicals
During 2012-13 (April–January), import of
Organic and Inorganic Chemicals increased to US
$ 16116.77 million from US $ 15837.29 million
during the same period of last year, registering
a growth of 1.76 per cent. Import of Medicinal
and Pharmaceutical Products increased to US $
2550.01 million from US $ 2446.88 million during
the corresponding period of last year registering
a growth of 4.21 per cent
Coal, Coke & Briquettes
During 2012-13 (April–January), import of Coal,
Coke & Briquettes decreased to US $ 13301.43
million from US $ 14851.58 million during the same
period of last year, registering a negative growth of
10.44 per cent.
The import performance by growth of top five Principal commodities during 2012-13 (April–January) vis-
a-vis the corresponding period of the previous year is shown at Chart 3.6.
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Annual Report 2012-13
Gold & Silver
During 2012-13 (April–January) import of Gold and Silver decreased to US $ 46769.39 million from US $ 51751.03 million during the corresponding period of the previous year registering a negative growth of 9.63 per cent.
Direction of India’s Foreign Trade
The value of India’s exports and imports from major regions/ countries both in Rupee and Dollar terms are given in Appendix at Table 3.3, 3.4, 3.7 and 3.8 respectively. Share of major destinations of India’s Exports and sources of Imports during 2012-13 (April– January) are given in Chart 3.7 and 3.8 respectively.
countries (27) comprises 16.99 per cent. During the period, USA (12.89 per cent) has been the most important country of export destination followed by UAE (12.20 per cent), Singapore (4.79 percent), China (4.59 per cent) and Hong Kong (3.95 per cent).
Asia accounted for 60.08 per cent of India’s total imports during the period followed by Europe (17.39 per cent) and America (11.64 per cent). Among individual countries the share of China stood highest at (11.21 per cent) followed by UAE (7.67 per cent), Saudi Arabia (6.78 per cent), Switzerland (6.01 per cent) and USA (5.00 per cent).
During the period 2012-13 (April–January), the share of Asia comprising of East Asia, ASEAN, West Asia, Other West Asia, North East Asia and South Asia accounted for 50.78 per cent of India’s total exports in US $ terms. The share of Europe and America in India’s exports stood at 18.88 per cent and 18.77 per cent respectively of which EU