India’s Foreign Trade: 2012-13 (April-September)* This article reviews India’s merchandise trade performance during April-September 2012-13 (H1) 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 Q1 of 2012-13. Highlights The impact of adverse trade spillovers from weakness in the advanced as well as major emerging economies and slowdown in domestic economic activity was clearly evident on India’s trade performance. With persistent signs of slowdown in major economies, subdued exports performance which began in H2 of 2011-12 deteriorated further during H1 of 2012-13. Lower imports largely reflected slowdown in domestic economic activities, relatively lower international oil prices and decline in demand for gold imports. Major highlights of India’s trade performance are set out below:
-
During H1 of 2012-13, exports stood at US$ 141.8 billion and showed a decline of 8.1 per cent as against an increase of 40.5 per cent during H1 of 2011-12. Decline in exports became more pronounced in Q2 of 2012-13 as global economic and trade environment remained unsupportive.
-
During H1 of 2012-13, imports declined by 3.6 per cent over the corresponding period of 2011-12 and stood at US$ 234.8 billion. Lower imports during H1 of 2012-13 mainly reflect the contraction in import of gold and silver, slow domestic economic activity, and a moderate growth in the quantum of imports of petroleum, oil and lubricants (POL).
-
Lower growth in POL imports at 6.0 per cent during H1 of 2012-13 as compared with 51.8 per cent during H1 of 2011-12 largely reflects the moderation in international crude oil prices as compared with the corresponding period.
-
Imports of gold and silver at US$ 21.3 billion during H1 of 2012-13 were 32.6 per cent lower than that in H1 of 2011-12.
-
The average price of Indian basket of crude oil during H1 of 2012-13 stood at US$ 107.4 per barrel, nearly 3.5 per cent lower than US$ 111.3 per barrel during H1 of 2011-12.
-
Non-oil non-gold imports during H1 of 2012-13 at US$ 134.4 billion recorded a decline of 3.2 per cent as compared to an increase of 27.2 per cent in H1 of preceding year.
-
As decline in exports has been higher than that of imports, trade deficit at US$ 93.0 billion during H1 of 2012-13 was higher as compared with US$ 89.2 billion during H1 of 2011-12. Non-oil non gold trade deficit also stood higher at US$ 20.6 billion in Q1 of 2012-13 as compared with US$ 17.3 billion in Q1 of 2011-12.
-
Commodity-wise data on merchandise exports show that engineering goods, petroleum products, chemicals, gems & jeweler and agricultural products contributed more than around 83 per cent of India’s exports during Q1 of 2012-13.
-
While the share of European Union in India’s total merchandise exports declined during Q1 of 2012- 13, the same of OPEC countries and the US showed an increase.
I. India’s Merchandise Trade Exports (April-September 2012) India’s export growth which showed moderation in the second half of 2011-12, turned negative since May 2012 reflecting the adverse trade spillovers from the continued weakness in the euro area and other trading partners (Chart 1).
Exports during H1 of 2012-13 stood at US$ 141.8 billion, a decline of 8.1 per cent as compared with an increase of 40.5 per cent during H1 of 2011-12 (Table 1 and Statement 1). Notwithstanding that rupee, in general, showed depreciation since the second half of 2011-12, external headwinds reflected in lack of recovery in advanced economies continued to impact India’s export sector in H1 of 2012-13. It may be noted that the elasticity of India’s non-oil exports to REER is around 0.4 with a lag of one year. This is essentially because of sizeable import content of exports and slower supply responses to price changes.
Table 1: India's Merchandise Trade |
US$ billion |
Items |
April-March |
April-September |
2010-11 R |
2011-12 P |
2011-12 R |
2012-13 P |
1 |
2 |
3 |
4 |
5 |
Exports |
251.1 |
304.6 |
154.3 |
141.8 |
|
(40.5) |
(21.3) |
40.5 |
-(8.1) |
Of which : Oil |
41.5 |
55.6 |
29.3 |
24.7 |
|
(47.1) |
(34.0) |
(66.0) |
-(15.5) |
Non-oil |
209.6 |
249.0 |
125.0 |
117.1 |
|
(39.2) |
(18.8) |
(35.7) |
-(6.3) |
Gold |
6.1 |
7.0 |
3.5 |
3.3 |
|
(41.9) |
(14.8) |
(37.9) |
-(4.2) |
Non Oil Non Gold |
203.5 |
242.0 |
121.5 |
113.8 |
|
(39.1) |
(18.9) |
(35.6) |
-(6.4) |
Imports |
369.8 |
489.4 |
243.5 |
234.8 |
|
(28.2) |
(32.4) |
(38.1) |
-(3.6) |
Of which : Oil |
106.0 |
154.9 |
75.7 |
80.2 |
|
(21.6) |
(46.2) |
(51.8) |
(6.0) |
Non-oil |
263.8 |
334.5 |
167.9 |
154.6 |
|
(31.1) |
(26.8) |
(32.7) |
-(7.9) |
Gold |
40.5 |
56.2 |
29.0 |
20.2 |
|
(41.6) |
(38.8) |
(66.5) |
-(30.3) |
Non Oil Non Gold |
223.3 |
278.3 |
138.9 |
134.4 |
|
(29.3) |
(24.6) |
(27.2) |
-(3.2) |
Trade Deficit |
-118.7 |
-184.8 |
-89.22 |
-92.99 |
Of which : Oil |
-64.5 |
-99.3 |
-46.36 |
-55.5 |
Non-oil |
-54.2 |
-85.5 |
-42.86 |
-37.49 |
Non Oil Non Gold |
-19.8 |
-36.3 |
-17.3 |
-20.6 |
P: Provisional. R: Revised. – Not available. Notes: Figures in brackets relate to percentage variation over the corresponding period of the previous year. Source: Complied from the Ministry of Commerce and Industry and DGCI&S data. |
Commodity-wise and Destination-wise Exports (April-June 2012-13) Commodity-wise exports data available up to June 2012 (Q1) show that the share of petroleum products in total merchandise exports declined signified scantly from 20.1 per cent in Q1 of 2011-12 to 16.6 per cent in Q1 of 2012-13. In contrast, the respective share of manufacturing goods and primary products increased during the period (Table 2). Within exports of manufacturing sector, the share of gems and jeweler and chemical and related products increased while that of engineering goods and textile and textile products declined marginally. Sector-wise analysis shows that growth in exports of manufacturing sector has been significantly affected during Q1 of 2012-13 due to subdued global demand. However, exports of primary products showed a sharp rise in Q1 of 2012-13. Within manufacturing sector, growth in exports of engineering goods, textile products, gems & jeweler and leather & manufactures and chemicals & related products was either lower or negative as compared with the corresponding period as demand conditions in key markets like the US and Europe continued to remain sluggish. Within engineering sector, growth in exports of transport equipment, iron & steel and electronic goods was negative in Q1 while that of machinery and instruments and manufacture of metals showed deceleration.
Table 2: India's Exports of Principal Commodities |
(Percentage Shares) |
Commodity Group |
2010-11 |
2011-12 |
2011-12 |
2012-13 |
April-March |
April-June |
1 |
2 |
3 |
4 |
5 |
I. Primary Products |
13.1 |
15.0 |
11.2 |
18.7 |
Agriculture and Allied Products |
9.6 |
12.3 |
8.8 |
16.1 |
Ores and Minerals |
3.4 |
2.7 |
2.4 |
2.6 |
II. Manufactured Goods |
62.9 |
61.3 |
61.5 |
62.4 |
Leather and Manufactures |
1.6 |
1.6 |
1.5 |
1.6 |
Chemicals and Related Products |
11.5 |
12.2 |
11.4 |
12.9 |
Engineering Goods |
23.1 |
22.0 |
23.5 |
22.8 |
Textiles and Textile Products |
9.6 |
9.19 |
9.5 |
9.1 |
Gems and Jeweler |
16.12 |
15.40 |
14.8 |
15.1 |
III. Petroleum Products |
16.52 |
18.25 |
20.1 |
16.6 |
IV. Others |
7.5 |
5.5 |
7.2 |
2.3 |
Total Exports |
100 |
100 |
100 |
100 |
Source: Compiled from DGCI&S data. |
Export of petroleum products declined by 20.9 per cent during Q1 of 2012-13 as against an increase of 77.3 per cent in the corresponding period of 2011-12. Decline in export of petroleum products was on account of decline in both price as well as quantum. In particular, lower quantum of exports was evident in case of motor spirit/petrol, high speed diesel and aviation turbine fuel. Within primary products, exports of iron ores continued to show decline while that of agricultural products, vi., wheat, sugar and raw cotton, showed a sharp rise (Statement 2). Decline in exports of iron ore was due to slowdown in China and fall in global prices. An export duty of 30 per cent imposed by the government may also have impacted exports of iron ore in the international market. During Q1 of 2012-13, the share of European Union in India’s exports declined significantly as compared to Q1 of 2011-12 (Table 3). In contrast, the share of US and OPEC countries in India’s exports rose sharply during Q1. Among the developing countries, share of exports to African and SAARC countries improved while the same of Latin American countries and some East Asian economies, vi., Singapore, Hong Kong, South Korea and Malaysia declined. Country-wise pattern of exports in Q1 shows that the USA became the biggest destination for India’s exports with a share of 14.4 per cent, replacing UAE (13.4 per cent), followed by China (5.1 per cent), Singapore (4.5 per cent each) and Hong Kong (4.2 per cent). These five countries together accounted for around 41.6 per cent of India’s total exports during Q1 of 2012-13. Reflecting the uncertainties prevailing in Europe, growth in India’s exports to Germany, Netherlands, Italy and Belgium turned negative during Q1 while the same to France showed a marginal increase (Statement 3).
Table 3: India's Exports to Principal Regions |
(Percentage Shares) |
Region/Country |
2010- 11 |
2011- 12 |
2011- 12 |
2012- 13 |
April-March |
April-June |
1
|
2 |
3 |
4 |
5 |
I. |
OECD Countries |
33.2 |
33.8 |
33.3 |
35.0 |
|
EU |
18.3 |
17.2 |
17.8 |
15.7 |
|
North America |
10.6 |
11.9 |
11.3 |
15.1 |
|
US |
10.1 |
11.3 |
10.7 |
14.4 |
|
Asia and Oceania |
2.8 |
3.0 |
2.5 |
2.5 |
|
Other OECD Countries |
1.5 |
1.6 |
1.8 |
1.8 |
II. |
OPEC |
21.3 |
19 |
18.6 |
22.4 |
III. |
Eastern Europe |
1.1 |
1.1 |
0.9 |
1.3 |
IV. |
Developing Countries |
38.2 |
40.7 |
40.4 |
40.4 |
|
Asia |
27.9 |
29.6 |
28.8 |
28.2 |
|
SAARC |
4.6 |
4.3 |
4.0 |
4.9 |
|
Other Asian Developing Countries |
23.3 |
25.3 |
24.9 |
23.3 |
|
People’s Republic of China |
6.2 |
5.9 |
3.7 |
5.1 |
|
Africa |
6.3 |
6.7 |
6.7 |
7.4 |
|
Latin America |
4.0 |
4.4 |
4.9 |
4.8 |
V. |
Others / Unspecified |
6.2 |
5.4 |
6.7 |
1.0 |
|
Total Exports |
100 |
100 |
100 |
100 |
Source: Compiled from DGCI&S data. |
Imports (April-September 2012) During H1 of 2012-13, imports at US$ 234.8 billion registered a decline of 3.6 per cent (38.1 per cent a year ago) [Statement 2]. Decline in import growth was primarily led by moderation in imports of ‘gold & silver’ and decelerated growth in POL, together accounting for 43.2 per cent of total merchandise imports during H1 of 2012-13. Import growth of POL decelerated to 6.0 per cent in H1 of 2012-13 (51.8 per cent in H1 of 2011-12) largely reflecting the moderation in international crude oil prices. The average price of Indian basket of crude oil during H1 of 2012-13 stood at US$ 107.4 per barrel, nearly 3.5 per cent lower than US$ 111.3 per barrel during H1 of 2011-12 (an increase of 30.6 per cent during H1 of 2011-12 over H1 of 2010-11) (Table 4). The fall in gold imports can be attributed to higher gold prices in the local market caused by rupee depreciation and increase in customs duty in recent months and declining consumer demand for gold jeweler and investment gold. In H1 of 2012-13, there was some pick-up in gold imports in July 2012 albeit remaining inadequate to offset the fall recorded in previous months. Non-oil non-gold imports at US$ 134.4 billion witnessed a decline of 3.2 per cent during H1 as compared with an increase of 27.2 per cent during H1 of 2011-12.
Table 4: Trends in Crude Oil Prices |
(US$/barrel) |
Period |
Dubai |
Brent |
WTI* |
Indian Basket** |
1 |
2 |
3 |
4 |
5 |
2005-06 |
53.5 |
58.2 |
59.8 |
55.7 |
2006-07 |
61.0 |
64.3 |
64.7 |
62.5 |
2007-08 |
77.3 |
82.3 |
82.1 |
79.2 |
2008-09 |
82.1 |
84.8 |
85.8 |
83.6 |
2009-10 |
69.5 |
69.8 |
70.5 |
69.8 |
2010-11 |
86.7 |
84.2 |
83.3 |
85.1 |
2011-12 |
110 |
114.4 |
97.3 |
111.6 |
2012-13(Q1) |
106.2 |
108.9 |
93.4 |
106.9 |
* West Texas Intermediate. ** The composition of Indian Basket of Crude represents Average of Oman& Dubai for sour grades and Brent (Dated) for sweet grade in the ratio of 65.2:34.8 w.ef April 1, 2011. Sources: International Monetary Fund, International Financial Statistics; World Bank’s Commodity Price Pink Sheet; Ministry of Petroleum and Natural Gas, Government of India. |
Commodity-wise and Country-wise Imports (April-June 2012-13) As per the available data on commodity-wise imports for Q1 of 2012-13, petroleum and petroleum products continued to be a major item of India’s imports, followed by capital goods and gold & silver. Petroleum, petroleum products and related material, accounting for nearly 34.2 per cent of India’s total merchandise imports, declined by 0.1 per cent during Q1 as compared with an increase of 52.5 per cent during Q1 of 2011-12. Import of gold & silver recorded a sharp fall Reflecting the impact of increase in customs duty and fall in consumer and investment demand. Notwithstanding an increase in international gold prices by 6.2 per cent in Q1 of 2012-13 (Y-o-Y), gold imports declined in value terms (47.6 per cent) Reflecting the impact coming through quantum factor (Statement 4). However, non-oil imports during Q1 of 2012-13 at US$ 75.7 billion witnessed a decline of 9.1 per cent as against an increase of 29.7 per cent during Q1 of 2011-12. Decline in non-oil imports was mainly on account of signified cant decline in imports of export related items, vi., pearl, precious semi-precious stones and capital goods. Major categories of capital goods, vi., machine tools, machinery, electrical machinery, electronic goods recorded a negative growth in Q1 of 2012-13 (Table 5 and Statement 4). During Q1 of 2012-13, while the share of European Union in India’s total imports declined to 11.2 per cent (12.3 per cent during Q1 of 2011-12), the same of OPEC group of countries and Latin American countries increased signified scantly (Table 6). Country-wise, China continued to be the largest source of imports with a share of 11.9 per cent in total imports, followed by the UAE, Saudi Arabia, the USA and Switzerland. These five countries together constituted around 37.4 per cent of India’s imports. Among the OPEC countries, the share of Indonesia1, Kuwait and Saudi Arabia in India’s imports increased significantly. In contrast, the share of Iran and Iraq in India’s total imports declined from 3.0 per cent and 4.5 respectively in Q1 of 2011-12 to 2.4 per cent and 4.0 per cent in Q1 of 2012-13 (Statement 5).
Table 5: Imports of Principal Commodities |
(Percentage Shares) |
Commodity/Group |
2010-11 |
2011-12 |
2011-12 |
2012-13 |
April-March |
April-June |
1 |
2 |
3 |
4 |
5 |
1. Petroleum, Crude and Products |
28.7 |
31.7 |
32.1 |
34.2 |
2. Capital Goods |
21.2 |
20.3 |
18.8 |
19.5 |
3. Gold and Silver |
11.5 |
12.5 |
14.8 |
8.3 |
4. Organic and Inorganic Chemicals |
4.1 |
3.9 |
3.7 |
4.1 |
5. Coal, Coke and Briquettes, etc. |
2.7 |
3.6 |
3.4 |
3.7 |
6. Fertilisers |
1.9 |
2.4 |
1.2 |
1.2 |
7. Metalliferrous Ores, Metal Scrap, etc. |
2.6 |
2.7 |
2.7 |
3.4 |
8. Iron and Steel |
2.8 |
2.4 |
2.1 |
2.7 |
9. Pearls, Precious and Semi-Precious Stones |
9.4 |
6.2 |
7.7 |
4.5 |
10. Others |
15.2 |
14.4 |
13.5 |
18.4 |
Total Imports |
100.0 |
100.0 |
100.0 |
100.0 |
Source: Compiled from DGCI&S data. |
Trade Deficit The trade deficit during H1 of 2012-13 stood higher at US$ 93.0 billion than US$ 89.2 billion during H1 of 2011-12 (Statement 1) as contraction in exports was higher than that in imports. Notwithstanding that rupee, in general, has showed depreciation since August 2011, higher trade deficit suggests that India’s export and imports are statistically insignificant to REER movements, implying the absence of J curve. II. Global Trade According to the International Monetary Fund’s International Financial Statistics (October 2012), the value of world merchandise export has shown declining trend during Q1 of 2012-13 (Chart 2). Low growth and uncertainty in advanced economies seems to have affected trade prospects in emerging market and developing economies (EMDEs) as well. It is evident from slower growth in import demand in most advanced economies corresponding with weaker export growth in most of EMDEs. India’s export growth also showed concomitant decline and in fact more pronounced than some of other EMDEs. Going forward, fiscal cliff in the US, persisting uncertainty in other advanced economies, downswings in Chinese real economic activity may further inflict large spillovers on other economies, particularly commodity exporters. In October 2012, the IMF has revised projections for export volume growth downwardly for both advanced economies and EMDEs. Likewise, the World Trade Organisation also downgraded its forecast for world trade growth from 3.7 per cent to 2.5 per cent for 2012 and from 5.6 per cent to 4.5 per cent for 2013.
Table 6: Shares of Groups/Countries in India's Imports |
(Percentage Shares) |
Region/Country |
2010-11 |
2011-12 |
2011-12 |
2012-13 |
April-March |
April-June |
1 |
2 |
3 |
4 |
5 |
I. OECD Countries |
30.6 |
29.7 |
31.0 |
27.1 |
EU |
12.0 |
11.7 |
12.3 |
11.2 |
France |
1.0 |
0.8 |
0.8 |
0.7 |
Germany |
3.2 |
3.2 |
3.0 |
3.0 |
UK |
1.5 |
1.5 |
1.8 |
1.5 |
North America |
6.0 |
5.3 |
5.4 |
5.4 |
US |
5.4 |
4.8 |
4.9 |
5.0 |
Asia and Oceania |
5.4 |
5.7 |
5.3 |
5.4 |
Other OECD Countries |
7.2 |
7.0 |
8.0 |
5.0 |
II. OPEC |
33.6 |
35.4 |
35.6 |
38.9 |
III. Eastern Europe |
1.5 |
1.7 |
1.5 |
1.8 |
IV. Developing Countries |
33.0 |
32.3 |
31.8 |
31.9 |
Asia |
27.1 |
25.8 |
25.8 |
25.4 |
SAARC |
0.6 |
0.5 |
0.6 |
0.5 |
Other Asian Developing Countries |
26.5 |
25.3 |
25.3 |
24.9 |
Of which: |
|
|
|
|
People’s Republic of China |
11.8 |
11.8 |
11.0 |
11.9 |
Africa |
3.6 |
4.0 |
3.8 |
3.4 |
Latin America |
2.4 |
2.4 |
2.2 |
3.1 |
V. Others / Unspecified |
1.3 |
0.9 |
0.1 |
0.3 |
Total Imports |
100.0 |
100.0 |
100.0 |
100.0 |
Source: Compiled from DGCI&S data. |
|
Cross-country comparison of export performance indicates that India was one of few economies in Asia which have shown decline in exports in Q1 of 2012-13 (Table 7). However, India’s share in world export remained stable during the period. Going forward, downward risks to India’s exports are likely to remain on account of weak import demand in advanced countries and slowdown expected in China. World Commodity Prices In Q1 of 2012-13, the international prices of major commodities retreated from the levels recorded in the preceding quarter. The fall in prices was particularly pronounced in May as the debt crisis in Europe intensified and China’s growth showed signs of slowdown. International prices of metals and raw materials dipped mainly due to concerns about global demand, especially in China and destocking.
Table 7: Export Growth and Shares in World Exports: Cross-Country Comparison |
Per Cent |
Region/Country |
2010-11 |
2011-12 |
Q1:2011-12 |
Q1:2012-13 |
2010-11 |
2011-12 |
Q1:2011-12 |
Q1:2012-13 |
Growth Rates |
Share |
1 |
2 |
3 |
4 |
5 |
6 |
7 |
8 |
World |
21.0 |
14.2 |
23.6 |
-0.9 |
100.0 |
100.0 |
100.0 |
100.0 |
Advanced Economies |
17.3 |
11.5 |
21.1 |
-3.2 |
60.7 |
59.2 |
59.5 |
58.2 |
United States |
20.4 |
13.3 |
17.8 |
5.7 |
8.4 |
8.3 |
8.1 |
8.6 |
France |
8.1 |
9.5 |
21.1 |
-9.6 |
3.3 |
3.2 |
3.3 |
3.0 |
Germany |
12.9 |
12.4 |
26.6 |
-7.5 |
8.3 |
8.1 |
8.3 |
7.8 |
Japan |
24.1 |
4.3 |
3.6 |
6.7 |
5.0 |
4.5 |
4.2 |
4.5 |
Emerging and Developing Countries |
27.4 |
18.1 |
27.7 |
2.1 |
39.7 |
41.1 |
40.9 |
42.2 |
Singapore |
27.3 |
11.9 |
19.7 |
-0.5 |
2.3 |
2.3 |
2.3 |
2.3 |
China, P.R.: Mainland |
30.6 |
16.1 |
22.0 |
10.5 |
10.4 |
10.6 |
10.4 |
11.6 |
India |
40.5 |
21.3 |
36.5 |
-1.7 |
1.6 |
1.7 |
1.7 |
1.7 |
Indonesia |
29.1 |
20.6 |
38.3 |
-7.6 |
1.1 |
1.1 |
1.1 |
1.1 |
Korea, Republic of |
27.2 |
12.7 |
18.6 |
-1.7 |
3.1 |
3.1 |
3.1 |
3.1 |
Malaysia |
20.0 |
11.2 |
16.8 |
0.7 |
1.3 |
1.3 |
1.2 |
1.3 |
Thailand |
26.0 |
6.9 |
15.9 |
1.3 |
1.3 |
1.2 |
1.2 |
1.2 |
Source: (1) IMF (www.imfstatistics.org). (2) DGCI&S for India. |
|
Statement 1: India's Foreign Trade |
Year |
Exports |
Imports |
Trade Balance |
Total |
Oil |
Non-Oil |
Total |
Oil |
Non-Oil |
Total |
Oil |
Non-Oil |
1 |
2 |
3 |
4 |
5 |
6 |
7 |
8 |
9 |
10 |
April-September |
Rupees crore |
2010-11 |
505,644 |
81,368 |
424,276 |
811,773 |
229,238 |
582,534 |
-306,128 |
-147,870 |
-158,259 |
|
(28.6) |
(55.7) |
(24.4) |
(30.4) |
(26.1) |
(32.3) |
|
|
|
2011-12 R |
698,302 |
132,528 |
565,774 |
1,101,812 |
341,734 |
760,078 |
-403,510 |
-209,207 |
-194,303 |
|
(38.1) |
(62.9) |
(33.4) |
(35.7) |
(49.1) |
(30.5) |
|
|
|
2012-13 P |
775,098 |
135,165 |
639,933 |
1,283,270 |
438,172 |
845,098 |
-508,172 |
-303,007 |
|
|
(11.0) |
(2.0) |
(13.1) |
(16.5) |
(28.2) |
(11.2) |
|
|
|
US dollar million |
2010-11 |
109,777 |
17,653 |
92,124 |
176,360 |
49,829 |
126,531 |
-66,583 |
-32,176 |
-34,407 |
|
(35.6) |
(64.1) |
(31.2) |
(37.6) |
(33.0) |
(39.6) |
|
|
|
2011-12 R |
154,284 |
29,298 |
124,986 |
243,546 |
75,653 |
167,893 |
-89,263 |
-46,355 |
-42,907 |
|
(40.5) |
(66.0) |
(35.7) |
(38.1) |
(51.8) |
(32.7) |
|
|
|
2012-13 P |
141,813 |
24,752 |
117,061 |
234,795 |
80,228 |
154,567 |
-92,982 |
-55,476 |
|
|
(-8.1) |
(-15.5) |
(-6.3) |
(-3.6) |
(6.0) |
(-7.9) |
|
|
|
P: Provisional. R: Revised. – Not available. Notes : 1. Figures in brackets relate to percentage variation over the corresponding period of the previous year. 2. Data conversion has been done using period average exchange rates. Source : DGCI & S. |
Statement 2: India's Exports of Principal Commodities |
(US $ million) |
Commodity/Group |
April-June |
Percentage Variation |
2010-11 |
2011-12R |
2012-13 P |
(3)/(1) |
(4)/(3) |
1 |
2 |
3 |
4 |
5 |
6 |
I. Primary Products |
7,200.7 |
8,582.0 |
13,669.7 |
19.2 |
59.3 |
A. Agricultural & Allied Products |
4,256.7 |
6,710.8 |
11,797.4 |
57.7 |
75.8 |
Of which : |
|
|
|
|
|
1. Tea |
104.6 |
146.9 |
128.1 |
40.5 |
-12.8 |
2. Coffee |
148.8 |
322.1 |
285.1 |
116.4 |
-11.5 |
3. Rice |
543.4 |
855.0 |
1,476.8 |
57.3 |
72.7 |
4. Wheat |
0.0 |
0.1 |
183.4 |
- |
- |
5. Cotton Raw incl. Waste |
252.2 |
3.4 |
930.7 |
-98.7 |
- |
6. Tobacco |
205.2 |
208.1 |
201.2 |
1.4 |
-3.4 |
7. Cashew incl. CSNL |
145.1 |
210.3 |
200.4 |
44.9 |
-4.7 |
8. Spices |
378.2 |
565.6 |
752.9 |
49.6 |
33.1 |
9. Oil Meal |
327.8 |
497.5 |
518.9 |
51.8 |
4.3 |
10. Marine Products |
461.3 |
611.3 |
672.1 |
32.5 |
9.9 |
11. Sugar & Molasses |
11.2 |
481.4 |
804.6 |
- |
67.1 |
B. Ores & Minerals |
2,944.1 |
1,871.2 |
1,872.3 |
-36.4 |
0.1 |
Of which : |
|
|
|
|
|
1. Iron Ore |
2,170.1 |
922.6 |
875.4 |
-57.5 |
-5.1 |
2. Processed Minerals |
388.5 |
405.4 |
548.3 |
4.3 |
35.2 |
II. Manufactured Goods |
34,589.3 |
47,081.6 |
45,676.1 |
36.1 |
-3.0 |
Of which : |
|
|
|
|
|
A. Leather & Manufactures |
855.8 |
1,155.8 |
1,151.7 |
35.1 |
-0.4 |
B. Chemicals & Related Products |
6,468.5 |
8,695.2 |
9,415.0 |
34.4 |
8.3 |
1. Basic Chemicals, Pharmaceuticals & Cosmetics |
4,403.5 |
5,591.8 |
6,370.0 |
27.0 |
13.9 |
2. Plastic & Linoleum Products |
1,013.5 |
1,687.4 |
1,455.5 |
66.5 |
-13.7 |
3. Rubber, Glass, Paints & Enamels, etc. |
784.1 |
1,061.1 |
1,219.7 |
35.3 |
14.9 |
4. Residual Chemicals & Allied Products |
267.6 |
354.8 |
369.9 |
32.6 |
4.3 |
C. Engineering Goods |
13,458.4 |
17,971.8 |
16,677.0 |
33.5 |
-7.2 |
Of which : |
|
|
|
|
|
1. Manufactures of Metals |
1,685.3 |
2,062.0 |
2,492.4 |
22.4 |
20.9 |
2. Machinery & Instruments |
2,448.8 |
3,438.0 |
3,636.7 |
40.4 |
5.8 |
3. Transport Equipments |
5,608.8 |
7,055.0 |
5,443.9 |
25.8 |
-22.8 |
4. Iron & Steel |
900.9 |
1,692.3 |
1,367.9 |
87.8 |
-19.2 |
5. Electronic Goods |
1,672.2 |
2,172.2 |
2,060.3 |
29.9 |
-5.2 |
D. Textiles & Textile Products |
5,446.7 |
7,241.8 |
6,677.7 |
33.0 |
-7.8 |
1. Cotton Yarn, Fabrics, Made-ups, etc. |
1,310.0 |
1,724.9 |
1,687.5 |
31.7 |
-2.2 |
2. Natural Silk Yarn, Fabrics Made-ups etc.(Incl. silk waste) |
68.8 |
53.6 |
45.0 |
-22.0 |
-16.0 |
3. Manmade Yarn, Fabrics, Made-ups, etc. |
923.7 |
1,292.6 |
1,193.6 |
39.9 |
-7.7 |
4. Manmade Staple Fibre |
100.3 |
121.6 |
123.9 |
21.2 |
1.9 |
5. Woollen Yarn, Fabrics, Made-ups,etc. |
22.0 |
37.4 |
39.3 |
70.3 |
5.0 |
6. Readymade Garments |
2,658.1 |
3,641.8 |
3,206.8 |
37.0 |
-11.9 |
7. Jute & Jute Manufactures |
110.7 |
114.2 |
105.4 |
3.2 |
-7.7 |
8. Coir & Coir Manufactures |
36.9 |
48.9 |
48.0 |
32.7 |
-1.9 |
9. Carpets |
216.3 |
206.7 |
228.3 |
-4.5 |
10.4 |
(a) Carpet (excl. silk) Handmade |
215.6 |
205.8 |
226.9 |
-4.6 |
10.2 |
(b) Carpet Millmade |
0.0 |
0.0 |
0.0 |
|
|
(c) Silk Carpet |
0.7 |
0.9 |
1.4 |
34.8 |
57.3 |
E. Gems & Jewellery |
7,842.3 |
11,303.8 |
11,016.5 |
44.1 |
-2.5 |
F. Handicrafts |
48.4 |
69.2 |
73.3 |
43.1 |
5.9 |
III. Petroleum Products |
8,674.4 |
15,376.2 |
12,169.2 |
77.3 |
-20.9 |
IV. Others |
5,623.7 |
5,487.8 |
1,679.3 |
-2.4 |
-69.4 |
Total Exports |
56,088.2 |
76,527.6 |
73,194.3 |
36.4 |
-4.4 |
P: Provisional. R: Revised. Source : DGCI&S. |
Statement 3: Direction of India's Foreign Trade-Exports |
(US $ million) |
Group/Country |
April-June |
Percentage Variation |
2010-11 |
2011-12R |
2012-13 P |
(3)/(2) |
(4)/(3) |
1 |
2 |
3 |
4 |
5 |
6 |
I. O E C D Countries |
18,175.2 |
25,512.5 |
25,608.1 |
40.4 |
0.4 |
A. European Union |
9,112.0 |
13,588.7 |
11,464.2 |
49.1 |
-15.6 |
Of which : |
|
|
|
|
|
1. Belgium |
1,065.9 |
2,069.4 |
1,302.0 |
94.1 |
-37.1 |
2. France |
970.4 |
1,044.3 |
1,130.7 |
7.6 |
8.3 |
3. Germany |
1,342.6 |
2,100.1 |
1,782.3 |
56.4 |
-15.1 |
4. Italy |
888.0 |
1,448.6 |
1,001.4 |
63.1 |
-30.9 |
5. Netherlands |
1,490.8 |
2,241.6 |
2,041.5 |
50.4 |
-8.9 |
6. U K |
1,508.6 |
2,259.9 |
2,016.8 |
49.8 |
-10.8 |
B. North America |
6,387.9 |
8,636.8 |
11,051.0 |
35.2 |
28.0 |
1. Canada |
274.0 |
411.7 |
496.5 |
50.3 |
20.6 |
2. U S A |
6,113.9 |
8,225.1 |
10,554.4 |
34.5 |
28.3 |
C. Asia & Oceania |
1,841.2 |
1,910.3 |
1,800.0 |
3.8 |
-5.8 |
Of which : |
|
|
|
|
|
1. Australia |
322.0 |
479.0 |
563.4 |
48.7 |
17.6 |
2. Japan |
1,479.7 |
1,374.9 |
1,146.6 |
-7.1 |
-16.6 |
D. Other O E C D Countries |
834.0 |
1,376.8 |
1,292.9 |
65.1 |
-6.1 |
Of which : |
|
|
|
|
|
1. Switzerland |
146.9 |
264.8 |
262.0 |
80.2 |
-1.1 |
II. O P E C |
11,229.3 |
14,254.4 |
16,369.2 |
26.9 |
14.8 |
Of which : |
|
|
|
|
|
1. Indonesia |
883.5 |
1,651.9 |
1,336.4 |
87.0 |
-19.1 |
2. Iran |
363.4 |
605.3 |
705.8 |
66.6 |
16.6 |
3. Iraq |
139.6 |
132.8 |
334.5 |
-4.9 |
151.9 |
4. Kuwait |
194.3 |
348.7 |
247.6 |
79.5 |
-29.0 |
5. Saudi Arabia |
1,225.3 |
1,466.6 |
2,489.8 |
19.7 |
69.8 |
6. U A E |
7,495.3 |
8,976.6 |
9,782.7 |
19.8 |
9.0 |
III. Eastern Europe |
599.8 |
694.4 |
926.5 |
15.8 |
33.4 |
Of which : |
|
|
|
|
|
1. Russia |
389.4 |
403.0 |
573.3 |
3.5 |
42.3 |
IV. Developing Countries |
22,550.4 |
30,941.0 |
29,568.9 |
37.2 |
-4.4 |
A. Asia |
16,276.3 |
22,064.8 |
20,619.2 |
35.6 |
-6.6 |
a) S A A R C |
2,404.4 |
3,035.9 |
3,596.6 |
26.3 |
18.5 |
1. Afghanistan |
72.0 |
129.5 |
125.1 |
79.9 |
-3.5 |
2. Bangladesh |
671.4 |
732.9 |
1,267.3 |
9.2 |
72.9 |
3. Bhutan |
41.3 |
43.8 |
52.4 |
6.0 |
19.8 |
4. Maldives |
25.1 |
27.6 |
32.9 |
10.2 |
18.9 |
5. Nepal |
485.6 |
671.8 |
717.8 |
38.3 |
6.8 |
6. Pakistan |
436.1 |
328.9 |
411.0 |
-24.6 |
25.0 |
7. Sri Lanka |
673.0 |
1,101.4 |
990.3 |
63.7 |
-10.1 |
b) Other Asian Developing Countries |
13,871.8 |
19,028.9 |
17,022.5 |
37.2 |
-10.5 |
Of which : |
|
|
|
|
|
1. People's Republic of China |
3,245.6 |
2,807.8 |
3,767.2 |
-13.5 |
34.2 |
2. Hong Kong |
2,323.2 |
3,336.2 |
3,050.8 |
43.6 |
-8.6 |
3. South Korea |
695.9 |
1,272.3 |
911.7 |
82.8 |
-28.3 |
4. Malaysia |
1,297.5 |
1,145.0 |
963.0 |
-11.8 |
-15.9 |
5. Singapore |
2,823.8 |
5,776.9 |
3,320.0 |
104.6 |
-42.5 |
6. Thailand |
462.4 |
681.3 |
684.4 |
47.3 |
0.5 |
B. Africa |
3,978.2 |
5,101.6 |
5,411.1 |
28.2 |
6.1 |
Of which : |
|
|
|
|
|
1. Benin |
65.0 |
314.7 |
68.5 |
384.4 |
-78.2 |
2. Egypt Arab Republic |
504.7 |
471.5 |
882.2 |
-6.6 |
87.1 |
3. Kenya |
570.5 |
533.4 |
938.2 |
-6.5 |
75.9 |
4. South Africa |
1,490.6 |
1,197.3 |
1,002.0 |
-19.7 |
-16.3 |
5. Sudan |
127.5 |
198.2 |
231.6 |
55.5 |
16.8 |
6. Tanzania |
187.5 |
484.0 |
369.6 |
158.1 |
-23.6 |
7. Zambia |
21.8 |
46.3 |
53.8 |
112.4 |
16.3 |
C. Latin American Countries |
2,296.0 |
3,774.7 |
3,538.7 |
64.4 |
-6.3 |
V. Others |
9.8 |
57.0 |
55.8 |
481.7 |
-2.1 |
VI. Unspecified |
3,523.6 |
5,068.2 |
665.8 |
43.8 |
-86.9 |
Total Exports |
56,088.2 |
76,527.6 |
73,194.3 |
36.4 |
-4.4 |
P: Provisional. R: Revised. Source : DGCI&S. |
Statement 4: India's Imports of Principal Commodities |
(US $ million) |
Commodity/Group |
April-June |
Percentage Variation |
2010-11 |
2011-12R |
2012-13 P |
(3)/(2) |
(4)/(3) |
1 |
2 |
3 |
4 |
5 |
6 |
I. Bulk Imports |
37,769.8 |
52,270.4 |
53,847.3 |
38.4 |
3.0 |
A. Petroleum, Petroleum Products & Related Material |
25,855.5 |
39,425.0 |
39,392.2 |
52.5 |
-0.1 |
B. Bulk Consumption Goods |
1,995.1 |
2,449.2 |
3,341.7 |
22.8 |
36.4 |
1. Wheat |
13.1 |
0.0 |
0.3 |
- |
- |
2. Cereals & Cereal Preparations |
11.7 |
19.7 |
14.6 |
67.9 |
-26.1 |
3. Edible Oil |
1,340.7 |
2,004.4 |
2,995.0 |
49.5 |
49.4 |
4. Pulses |
318.7 |
424.5 |
331.0 |
33.2 |
-22.0 |
5. Sugar |
310.9 |
0.6 |
0.9 |
-99.8 |
56.1 |
C. Other Bulk Items |
9,919.2 |
10,396.2 |
11,113.3 |
4.8 |
6.9 |
1. Fertilisers |
2,049.8 |
1,483.2 |
1,361.0 |
-27.6 |
-8.2 |
a) Crude |
163.9 |
257.7 |
354.6 |
57.2 |
37.6 |
b) Sulphur & Unroasted Iron Pyrites |
65.7 |
88.4 |
101.3 |
34.6 |
14.6 |
c) Manufactured |
1,820.2 |
1,137.1 |
905.1 |
-37.5 |
-20.4 |
2. Non-Ferrous Metals |
1,034.3 |
1,268.2 |
1,192.2 |
22.6 |
-6.0 |
3. Paper, Paperboard & Mgfd. incl. Newsprint |
486.7 |
632.9 |
594.2 |
30.0 |
-6.1 |
4. Crude Rubber, incl. Synthetic & Reclaimed |
416.1 |
625.8 |
636.2 |
50.4 |
1.7 |
5. Pulp & Waste Paper |
313.9 |
390.1 |
334.1 |
24.3 |
-14.4 |
6. Metalliferrous Ores & Metal Scrap etc. |
2,535.8 |
3,365.8 |
3,943.2 |
32.7 |
17.2 |
7. Iron & Steel |
3,082.6 |
2,630.3 |
3,052.5 |
-14.7 |
16.1 |
II. Non-Bulk Imports |
52,301.0 |
70,429.2 |
61,229.9 |
34.7 |
-13.1 |
A. Capital Goods |
19,435.9 |
23,103.7 |
22,478.9 |
18.9 |
-2.7 |
1. Manufactures of Metals |
707.7 |
959.0 |
1,002.7 |
35.5 |
4.6 |
2. Machine Tools |
462.5 |
747.6 |
690.5 |
61.7 |
-7.6 |
3. Machinery except Electrical & Electronics |
5,611.2 |
7,590.7 |
7,205.9 |
35.3 |
-5.1 |
4. Electrical Machinery except Electronics |
885.3 |
1,194.8 |
1,153.6 |
35.0 |
-3.5 |
5. Electronic Goods incl. Computer Software |
7,415.6 |
8,370.6 |
7,775.5 |
12.9 |
-7.1 |
6. Transport Equipment |
2,647.3 |
2,519.3 |
2,572.5 |
-4.8 |
2.1 |
7. Project Goods |
1,706.3 |
1,721.7 |
2,078.3 |
0.9 |
20.7 |
B. Mainly Export Related Items |
12,530.3 |
15,146.2 |
11,092.8 |
20.9 |
-26.8 |
Of which : |
|
|
|
|
|
1. Pearl Precious Semi-Precious Stones |
7,589.4 |
9,439.7 |
5,185.9 |
24.4 |
-45.1 |
2. Chemicals, Organic & Inorganic |
3,957.3 |
4,501.5 |
4,751.1 |
13.8 |
5.5 |
3. Textile Yarn, Fabric, etc. |
789.5 |
938.7 |
925.1 |
18.9 |
-1.5 |
4. Cashew Nuts |
194.1 |
265.7 |
228.1 |
36.9 |
-14.2 |
C. Others |
20,334.8 |
32,179.2 |
27,658.3 |
58.2 |
-14.0 |
Of which : |
|
|
|
|
|
1. Gold & Silver |
8,085.3 |
18,185.9 |
9,534.2 |
124.9 |
-47.6 |
2. Artificial Resins & Plastic Materials etc. |
1,827.3 |
1,767.8 |
2,123.9 |
-3.3 |
20.1 |
3. Professional Instruments etc., except Electrical |
1,128.4 |
1,191.1 |
1,343.8 |
5.6 |
12.8 |
4. Coal, Coke & Briquettes etc. |
3,286.5 |
4,218.7 |
4,308.6 |
28.4 |
2.1 |
5. Medicinal & Pharmaceutical Products |
599.4 |
649.8 |
746.3 |
8.4 |
14.9 |
6. Chemical Material & Products |
801.2 |
954.4 |
953.0 |
19.1 |
-0.1 |
7. Non-Metallic Mineral Manufactures |
338.6 |
465.4 |
524.7 |
37.4 |
12.7 |
Total Imports |
90,070.7 |
122,699.6 |
115,077.2 |
36.2 |
-6.2 |
Memo Items |
|
|
|
|
|
Non-Oil Imports |
64,215.2 |
83,274.6 |
75,685.0 |
29.7 |
-9.1 |
Non-Oil Imports excl. Gold & Silver |
56,130.0 |
65,088.7 |
66,150.8 |
16.0 |
1.6 |
Mainly Industrial Inputs* |
51,186.3 |
60,311.4 |
60,560.1 |
17.8 |
0.4 |
P: Provisional. R: Revised. * Non oil imports net of gold and silver, bulk consumption goods, manufactured fertilisers and professional instruments. Source : DGCI & S. |
Statement 5: Direction of India's Foreign Trade-Imports |
(US $ million) |
Group/Country |
April-June |
Percentage Variation |
2010-11 |
2011-12R |
2012-13 P |
(2)/(1) |
(3)/(2) |
1 |
2 |
3 |
4 |
5 |
I. O E C D Countries |
26,765.6 |
38,052.6 |
31,138.4 |
42.2 |
-18.2 |
A. European Union |
11,067.9 |
15,147.5 |
12,892.9 |
36.9 |
-14.9 |
Of which : |
|
|
|
|
|
1. Belgium |
2,317.2 |
3,056.1 |
2,616.7 |
31.9 |
-14.4 |
2. France |
1,026.0 |
1,026.1 |
859.3 |
0.0 |
-16.3 |
3. Germany |
2,842.8 |
3,724.5 |
3,475.7 |
31.0 |
-6.7 |
4. Italy |
1,041.3 |
1,461.4 |
1,247.6 |
40.3 |
-14.6 |
5. Netherlands |
392.4 |
496.2 |
554.6 |
26.4 |
11.8 |
6. U K |
1,222.9 |
2,206.1 |
1,676.4 |
80.4 |
-24.0 |
B. North America |
5,926.0 |
6,610.2 |
6,253.2 |
11.5 |
-5.4 |
1. Canada |
564.2 |
555.0 |
463.3 |
-1.6 |
-16.5 |
2. U S A |
5,361.8 |
6,055.2 |
5,789.9 |
12.9 |
-4.4 |
C. Asia and Oceania |
5,864.9 |
6,479.0 |
6,209.9 |
10.5 |
-4.2 |
Of which : |
|
|
|
|
|
1. Australia |
3,564.9 |
3,515.6 |
2,917.8 |
-1.4 |
-17.0 |
2. Japan |
2,084.2 |
2,793.8 |
3,087.9 |
34.0 |
10.5 |
D. Other O E C D Countries |
3,906.9 |
9,815.9 |
5,782.4 |
151.2 |
-41.1 |
Of which : |
|
|
|
|
|
1. Switzerland |
3,498.5 |
9,486.5 |
5,312.6 |
171.2 |
-44.0 |
II. O P E C |
29,793.3 |
43,621.7 |
44,792.1 |
46.4 |
2.7 |
Of which : |
|
|
|
|
|
1. Indonesia |
2,316.9 |
3,557.4 |
3,537.0 |
53.5 |
-0.6 |
2. Iran |
2,751.1 |
3,621.5 |
2,719.3 |
31.6 |
-24.9 |
3. Iraq |
1,599.1 |
5,556.1 |
4,615.7 |
247.5 |
-16.9 |
4. Kuwait |
2,418.1 |
3,172.7 |
3,315.5 |
31.2 |
4.5 |
5. Saudi Arabia |
4,893.2 |
7,331.4 |
8,642.5 |
49.8 |
17.9 |
6. U A E |
8,464.7 |
9,984.5 |
9,695.8 |
18.0 |
-2.9 |
III. Eastern Europe |
1,914.1 |
1,801.2 |
2,115.9 |
-5.9 |
17.5 |
Of which : |
|
|
|
|
|
1. Russia |
1,186.3 |
1,006.9 |
1,126.6 |
-15.1 |
11.9 |
IV. Developing Countries |
31,369.9 |
39,010.1 |
36,702.2 |
24.4 |
-5.9 |
A. Asia |
24,950.6 |
31,684.2 |
29,237.5 |
27.0 |
-7.7 |
a) S A A R C |
439.4 |
692.1 |
559.5 |
57.5 |
-19.2 |
1. Afghanistan |
19.8 |
22.1 |
18.7 |
11.6 |
-15.2 |
2. Bangladesh |
60.9 |
149.5 |
130.8 |
145.6 |
-12.5 |
3. Bhutan |
36.8 |
47.5 |
41.5 |
29.0 |
-12.6 |
4. Maldives |
0.9 |
1.8 |
2.4 |
94.4 |
37.1 |
5. Nepal |
121.7 |
137.1 |
79.0 |
12.6 |
-42.3 |
6. Pakistan |
99.3 |
96.9 |
114.4 |
-2.4 |
18.1 |
7. Sri Lanka |
100.0 |
237.2 |
172.6 |
137.2 |
-27.2 |
b) Other Asian Developing Countries |
24,511.1 |
30,992.1 |
28,678.0 |
26.4 |
-7.5 |
Of which : |
|
|
|
|
|
1. People’s Republic of China |
11,097.8 |
13,456.2 |
13,653.5 |
21.3 |
1.5 |
2. Hong Kong |
1,894.2 |
3,254.1 |
1,946.3 |
71.8 |
-40.2 |
3. South Korea |
2,607.1 |
2,933.6 |
3,135.7 |
12.5 |
6.9 |
4. Malaysia |
1,451.3 |
2,129.8 |
2,561.4 |
46.8 |
20.3 |
5. Singapore |
2,048.5 |
2,655.7 |
1,870.0 |
29.6 |
-29.6 |
6. Thailand |
1,032.0 |
1,368.7 |
1,402.3 |
32.6 |
2.5 |
B. Africa |
3,447.9 |
4,659.1 |
3,881.0 |
35.1 |
-16.7 |
Of which : |
|
|
|
|
|
1. Benin |
80.4 |
163.0 |
73.7 |
102.7 |
-54.8 |
2. Egypt Arab Republic |
352.8 |
857.6 |
748.5 |
143.1 |
-12.7 |
3. Kenya |
25.2 |
30.9 |
25.8 |
22.9 |
-16.7 |
4. South Africa |
1,710.2 |
2,309.1 |
1,498.3 |
35.0 |
-35.1 |
5. Sudan |
61.9 |
195.9 |
13.6 |
216.7 |
-93.1 |
6. Tanzania |
47.3 |
34.6 |
109.5 |
-26.8 |
216.4 |
7. Zambia |
7.8 |
26.9 |
46.8 |
246.1 |
74.2 |
C. Latin American Countries |
2,971.5 |
2,666.8 |
3,583.7 |
-10.3 |
34.4 |
V. Others |
84.5 |
-21.2 |
121.9 |
-125.1 |
-675.2 |
VI. Unspecified |
143.2 |
235.2 |
206.7 |
64.2 |
-12.1 |
Total Imports |
90,070.7 |
122,699.6 |
115,077.2 |
36.2 |
-6.2 |
P : Provisional. R : Revised. Neg. : Negligible. Source: DGCI&S. |
* Prepared in the Division of International Trade and Finance, Department of Economic and Policy Research. The previous issue of the article was published in the Reserve Bank Bulletin, September 2012. 1 Indonesia ceased to be a member of OPEC since 2009. |