India’s Foreign Trade: 2012-13

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Published on September 12, 2012

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India’s Foreign Trade: 2012-13

India’s Foreign Trade: 2012-13*

This article reviews India’s merchandise trade performance during April-June 2012-13 (Q1) on the basis of data released by the Directorate General of Commercial Intelligence and Statistics (DGCI&S). It also analyses disaggregated commodity-wise and direction-wise details for the year 2011-12.

Highlights

During Q1 of 2012-13, exports stood at US$ 75.2 billion and showed a decline of 1.7 per cent as against an increase of 36.4 per cent during Q1 of 2011-12. Significant deceleration in export performance recorded in the second half of 2011- 12 continued during Q1 of 2012-13 as global economic and trade environment remained unsupportive.
During Q1 of 2012-13, imports declined by 6.1 per cent over the corresponding quarter of 2011-12 and stood at US$ 115.3 billion. Lower imports during Q1 of 2011-12 mainly reflected the contraction in import of gold and silver and a moderate growth in imports of petroleum, oil and lubricants (POL).
Lower growth in POL imports at 5.5 per cent during Q1 of 2012-13 as compared with 52.5 per cent during Q1 of 2011-12 may be partly reflecting the moderation in international crude oil prices.
Imports of gold and silver at US$ 9.4 billion during Q1 of 2012-13 were 48.4 per cent lower than that in Q1 of 2011-12.
Non-oil non-gold imports during Q1 of 2012-13 at US$ 65.3 billion recorded a decline of 2.9 per cent as compared to an increase of 18.9 per cent in Q1 of preceding year.
Trade deficit during Q1 of 2012-13 stood lower at US$ 40.1 billion as compared with US$ 46.2 billion during Q1 of 2011-12.
Commodity-wise data on merchandise exports show that engineering goods, petroleum products, chemicals, textiles, gems & jewellery and agricultural products contributed more than 89 per cent of India’s exports during 2011-12.
While the share of European Union in India’s total merchandise exports declined marginally during 2011-12, the same of OPEC countries declined by more than two percentage points.

I. India’s Merchandise Trade

Exports (April-June 2012)

India’s export growth started moderating in the second half of 2011-12 which turned negative during Q1 of 2012-13 reflecting the continued impact of global economic slowdown and the contraction in world trade (Chart 1).

Exports during Q1 of 2012-13 stood at US$ 75.2 billion, a decline of 1.7 per cent as compared with an increase of 36.4 per cent during Q1 of 2011-12 (Table 1 and Statement 1). Despite the rupee depreciation in the second half of 2011-12, export performance continued to deteriorate in Q1 of 2012-13 as major trading partner economies did not show any signs of revival and risks surrounding the economic outlook continued to be on the downside particularly for the euro area.

Commodity-wise and Destination-wise Exports (2011-12)

Commodity-wise exports data available upto March 2012 show that the share of manufacturing sector in total merchandise exports declined marginally from 62.9 per cent in 2010-11 to 61.3 per cent in 2011- 12. However, the respective share of petroleum products and primary products increased during the period (Table 2). Within exports of manufacturing sector, the share of engineering goods and textile & textile products declined while that of chemical and related products improved marginally.

Table 1: India's Merchandise Trade
(US$ billion)
Items	2010-11 R	2011-12 P	2011-12	2012-13
	April-March		April-June
	1	2	3	4
Exports	251.1	304.6	76.5	75.2
	(40.5)	(21.3)	(36.4)	-(1.7)
Oil Exports	41.5	55.6	15.3	-
	(47.1)	(34.0)	(76.2)
Non-oil Exports	209.6	249.0	61.2	-
	(39.2)	(18.8)	(29.1)
Imports	369.8	489.4	122.7	115.3
	(28.2)	(32.4)	(36.3)	-(6.1)
Oil Imports	106.0	154.9	39.4	41.6
	(21.6)	(46.2)	(52.5)	(5.5)
Non-oil Imports	263.8	334.5	83.3	73.7
	(31.1)	(26.8)	(29.7)	-(11.6)
Non-oil non gold imports	223.3	278.3	67.2	65.3
	(29.3)	(24.6)	(18.9)	(-2.9)
Trade Balance	-118.7	-184.8	-46.2	-40.1
Oil Trade Balance	-64.5	-99.3	-24.1	-
Non-Oil Trade Balance	-54.2	-85.5	-22.1	-
R: Revised. P: Provisional. - : Not Available. Note: Figures in parentheses show percentage change over the corresponding period of the previous year. Source: Compiled from the Ministry of Commerce and Industry and DGCI&S data.

Table 2: India's Exports of Principal Commodities
(Percentage Shares)
Commodity Group	2010-11	2011-12
	April-March
	1	2
I. Primary Products	13.1	15.0
Agriculture and Allied Products	9.6	12.3
Ores and Minerals	3.4	2.7
II. Manufactured Goods	62.9	61.3
Leather and Manufactures	1.6	1.6
Chemicals and Related Products	11.5	12.2
Engineering Goods	23.1	22.0
Textiles and Textile Products	9.6	9.2
Gems and Jewellery	16.1	15.4
III. Petroleum Products	16.5	18.3
IV. Others	7.5	5.4
Total Exports	100	100
Source: Compiled from DGCI&S data.

Among the major sectors, growth in exports of manufacturing sector seems to have been affected significantly during 2011-12. Within manufacturing sector, growth in exports of engineering goods and textile products was lower as demand conditions in key markets like the US and Europe were sluggish. These two markets account for nearly 60 per cent and 50 per cent of total exports from engineering and textile sector. Within engineering sector, growth in exports of transport equipment, iron & steel, electronic goods and manufactures of metals was significantly hit while that of machinery and instruments moderated marginally. However, growth in exports of leather & manufactures and chemicals & related products witnessed higher growth during 2011-12 as compared with 2010-11.

Exports of petroleum products grew by 34.0 per cent during 2011-12 as against 47.1 per cent during 2010-11. Within primary products, exports of ores and minerals continued to show decline (Statement 2). Decline in exports of iron ore was due to prolonged ban on mining in States, viz., Karnataka, Orissa and Goa. Furthermore, export duty on iron ore exports was raised twice during 2011-12, first in March 2011 and then on December 30, 2011, taking the total duty to 30 per cent.

During the 2011-12, the share of European Union and OPEC countries in India’s exports declined as compared to 2010-11 (Table 3). However, share of developing countries (excluding OPEC developing countries) and the US in India’s exports was higher during the year.

Destination-wise, the UAE continued to remain the biggest destination for India’s exports during 2011- 12 with a share of 11.8 per cent, followed by the US (11.3 per cent), China (5.9 per cent), Singapore (5.5 per cent each) and Hong Kong (4.2 per cent). These five countries together accounted for around 39 per cent of India’s total exports during 2011-12. Reflecting the uncertainties prevailing in Europe, growth in India’s exports to Germany, Netherlands, Italy and Belgium decelerated during 2011-12 while the same to France showed a decline of 11.5 per cent. Growth in exports to Japan, SAARC region, Africa and Latin American countries also showed moderation (Statement 3).

Imports (April-June 2012)

During Q1 of 2012-13, imports at US$ 115.3 billion registered a decline of 6.1 per cent (36.3 per cent a year ago) [Statement 2]. Decline in import growth was primarily led by decline in imports of ‘gold & silver’ and significantly lower growth in POL, together accounting for 44.1 per cent of total merchandise imports during Q1 of 2012-13. Import growth of POL decelerated to 5.5 per cent in Q1 of 2012-13 (52.5 per cent in Q1 of 2011-12) partly reflecting the moderation in international crude oil prices. The average price of Indian basket of crude oil during Q1 of 2012-13 stood at US$ 107.5 per barrel, nearly 5.0 per cent lower than US$ 113.0 per barrel during Q1 of 2011-12 (Table 4). Decline in gold imports during Q1 of 2012-13 can be attributed to a higher domestic gold prices (due to rupee depreciation and increase in customs duty) and declining consumer demand for gold jewellery and investment gold. Non-oil non-gold imports at US$ 65.3 billion witnessed a decline of 2.9 per cent during Q1 as compared with an increase of 18.9 per cent in corresponding quarter of 2011-12.

Table 3: India's Exports to Principal Regions.
(Percentage Shares)
Region/Country	2010-11	2011-12
	April-March
	1	2
I. OECD Countries	33.2	33.8
EU	18.3	17.2
North America	10.6	11.9
US	10.1	11.3
Asia and Oceania	2.8	3.0
Other OECD Countries	1.5	1.6
II. OPEC	21.3	19.0
III. Eastern Europe	1.1	1.1
IV. Developing Countries	38.2	40.7
Asia	27.9	29.6
SAARC	4.6	4.3
Other Asian Developing Countries	23.3	25.3
People’s Republic of China	6.2	5.9
Africa	6.3	6.7
Latin America	4.0	4.4
V. Others / Unspecified	6.2	5.4
Total Exports	100	100
Source: Compiled from DGCI&S data.

Table 4: Trends in Crude Oil Prices
(US$/barrel)
Period	Dubai	Brent	WTI*	Indian Basket**
Period	1	2	3	4
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.e.f 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 (2011-12)

As per the available data on commodity-wise imports for 2011-12, 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 31.7 per cent of India’s total merchandise imports, grew by 46.2 per cent during 2011-12 as compared with 21.6 per cent during 2010-11. Import of gold & silver showed a marginally higher growth of 44.4 per cent as compared with 43.5 per cent in 2010-11, reflecting the higher demand for gold despite the rise in international gold prices in 2011-12 . Higher growth in imports of gold in value terms (44.4 per cent) than that in international prices (27.2 per cent) during 2011- 12 reflects the contribution of price as well quantum factors in increasing the imports of gold (Statement 4). However, non-oil imports during 2011-12 at US$ 334.5 billion witnessed a growth of 26.8 per cent as against 31.1 per cent during 2010-11. Deceleration in non-oil imports was mainly on account of significant deceleration in growth of imports of export related items. In particular, there was a decline in imports of pearl, precious semi-precious stones. Even though the overall growth in import of capital goods was higher in 2011-12, certain categories of capital goods, viz., machine tools and manufacture of metals showed a decelerated growth (Table 5 and Statement 4).

During 2011-12, share of European Union in India’s total imports declined marginally to 11.7 per cent from 12.0 per cent during 2010-11. On the other hand, the share of OPEC group of countries and Africa rose during 2011-12 (Table 6). Country-wise, China continued to be the largest source of imports with a share of 11.8 per cent in total imports, followed by the UAE, Switzerland, Saudi Arabia and the US. These five countries together constituted around 37 per cent of India’s imports. Among the OPEC countries, share of Indonesia, Iraq, Kuwait and Saudi Arabia in India’s imports increased significantly, perhaps reflecting higher POL imports during 2011-12. In contrast, the share of Iran in India’s total imports declined from 3.0 per cent in 2010-11 to 2.8 per cent in 2011-12. Nonetheless, growth in imports from all OPEC countries, except UAE, increased sharply during 2011- 12 (Statement 5).

Table 5: Imports of Principal Commodities
( Percentage Shares)
Commodity/Group	2010-11	2011-12
	April-March
	1	2
1. Petroleum, Crude and Products	28.7	31.7
2. Capital Goods	21.2	20.3
3. Gold and Silver	11.5	12.5
4. Organic and Inorganic Chemicals	4.1	3.9
5. Coal, Coke and Briquettes, etc.	2.7	3.6
6. Fertilisers	1.9	2.4
7. Metalliferrous Ores, Metal Scrap, etc.	2.6	2.7
8. Iron and Steel	2.8	2.4
9. Pearls, Precious and Semi-Precious Stones	9.4	6.2
10. Others	15.1	14.3
Total Imports	100.0	100.0
Source: Compiled from DGCI&S data.

Table 6: Shares of Groups/Countries in India's Imports
(Percentage Shares)
Region/Country	2010-11	2011-12
	April-March
	1	2
I. OECD Countries	30.6	29.7
EU	12.0	11.7
France	1.0	0.8
Germany	3.2	3.2
UK	1.5	1.5
North America	6.0	5.3
US	5.4	4.8
Asia and Oceania	5.4	5.7
Other OECD Countries	7.2	7.0
II. OPEC	33.6	35.4
III. Eastern Europe	1.5	1.7
IV. Developing Countries	33.0	32.3
Asia	27.1	25.8
SAARC	0.6	0.5
Other Asian Developing Countries	26.5	25.3
Of which:
People’s Republic of China	11.8	11.8
Africa	3.6	4.0
Latin America	2.4	2.4
V. Others / Unspecified	1.3	0.9
Total Imports	100.0	100.0
Source: Compiled from DGCI&S data.

Trade Deficit

The trade deficit during Q1 of 2012-13 stood lower at US$ 40.1 billion than US$ 46.2 billion during Q1 of 2011-12 (Statement 1) as contraction in imports was higher than that in exports.

II. Global Trade

According to the International Monetary Fund’s International Financial Statistics (July 2012), the value of world merchandise export grew by 14.8 per cent during 2011-12, lower than 21.2 per cent during 2010-11 (Chart 2). Subdued growth conditions in advanced economies began to weaken external demand for Emerging and Developing Economies (EDEs) in the latter half of 2011-12. Consequently, India’s export growth also showed concomitant moderation which was nearly half of that recorded in 2010-11. Going forward, the risks of weaker growth in advanced countries remain elevated with knock-on effects to developing countries like India. Even though there was some recovery in trade at global level during Q1 of 2012 (January-March), a resurgence in financial market stress in the Euro Area since April 2012 along with decline in business and consumer confidence may keep the import demand from euro zone countries weak in coming period. In the latest WEO update of July 2012, the IMF has retained its earlier projections of export volume growth for advanced economies at 2.3 per cent during 2012, whereas the same has been revised downwardly from 6.6 per cent to 5.7 per cent in case of EDEs.

Cross-country comparison of export performance indicates that India’s export growth was largest among the major advanced and EDEs during 2010-11 and 2011-12 enabling a corresponding increase in India’s share in world export (Table 7). Going forward, downward risks to India’s exports continue to be on account of slower global recovery, financial contagion related to the eurozone sovereign debt crisis and geopolitical risks.

World Commodity Prices

During 2011-12, world commodity prices remained subdued as the average growth in all commodities prices decelerated to 19.8 per cent during 2011-12 from 24.0 per cent 2010-11. Among major commodities, growth in metals prices fell sharply from 40.2 per cent in 2010-11 to 3.0 per cent in 2011-12 mainly on account of continued concerns about weakening global demand and the uncertainty about near-term global economic prospects (Chart 3). Furthermore, in the first quarter of 2012-13, growth (year on year) in all major commodities prices such as food, metal and energy turned negative as concerns relating to weaker global demand prospects, particularly in Europe and China, intensified. Apart from growth concerns, high and rising stocks led to decline in prices of most of metals. Crude-oil prices declined in Q1 of 2012-13, particularly in the month of June not only on account of global growth concerns but also due to apparent easing of oil supply concerns related to Iran and increase in oil production above the quota by OPEC countries. Similarly, coal prices fell in Q1 of 2012-13 due to anticipated weak global consumption and rising supply.

Table 7: Growth rates and shares of Exports: Cross-Country Comparison
Per Cent
Region/Country	2009-10	2010-11	2011-12	2009-10	2010-11	2011-12
	Growth Rates			Share
	1	2	3	4	5	6
World	-11.6	21.0	14.3	100.0	100.0	100.0
Advanced Economies	-10.7	17.3	11.5	62.6	60.7	59.2
United States	-9.2	20.4	13.3	8.4	8.4	8.3
France	-11.9	8.0	9.5	3.7	3.3	3.2
Germany	-12.6	12.9	12.4	8.9	8.3	8.1
Japan	-8.9	24.1	4.3	4.9	5.0	4.5
Emerging and Developing Countries	-13.2	27.4	18.2	37.7	39.7	41.1
Singapore	-6.1	27.3	11.9	2.2	2.3	2.3
China, P.R.: Mainland	-7.0	30.6	16.1	9.7	10.4	10.6
India	-3.5	40.5	21.3	1.4	1.6	1.7
Indonesia	0.9	29.1	20.4	1.0	1.1	1.1
Korea, Republic of	-1.7	27.2	12.7	3.0	3.1	3.1
Malaysia	-7.0	20.0	11.2	1.3	1.3	1.3
Thailand	-1.5	26.9	8.5	1.2	1.3	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
April-June
Rupees crore
2010-11	256129.8	39631.0	216498.9	410636.1	117799.0	292837.1	-154506.3	-78168.0	-76338.3
	(36.8)	(83.1)	(30.7)	(35.0)	(45.4)	(31.2)
2011-12 R	342163.6	68330.0	273833.6	549000.6	176274.0	372726.6	-206837.0	-107944.0	-98893.0
	(33.6)	(72.4)	(26.5)	(33.7)	(49.6)	(27.3)
2012-13 P	407056.0	-	-	623266.6	224801.5	398465.2	-216210.7	-	-
	(19.0)			(13.5)	(27.5)	(6.9)
US dollar million
2010-11	56088.2	8674.4	47413.7	90070.7	25855.5	64215.2	-33982.6	-17181.1	-16801.5
	(46.1)	(95.6)	(39.6)	(44.3)	(55.3)	(40.3)
2011-12 R	76507.5	15283.0	61224.5	122741.5	39425.0	83316.5	-46233.9	-24142.0	-22091.9
	(36.4)	(76.2)	(29.1)	(36.3)	(52.5)	(29.7)
2012-13 P	75204.0	-	-	115259.4	41585.0	73674.4	-40055.5	-	-
	-(1.7)			-(6.1)	(5.5)	-(11.6)
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-March			Percentage Variation
	2009-10	2010-11R	2011-12P	(3)/(2)	(4)/(3)
	1	2	3	4	5
I. Primary Products	26,396.5	32,844.7	45,574.0	24.4	38.8
A. Agricultural & Allied Products	17,734.1	24,207.6	37,420.8	36.5	54.6
Of which :
1. Tea	620.4	736.2	863.7	18.7	17.3
2. Coffee	428.3	660.6	946.0	54.2	43.2
3. Rice	2,372.3	2,542.9	5,032.8	7.2	97.9
4. Wheat	0.0	0.2	213.6	-	-
5. Cotton Raw incl. Waste	2,010.2	2,888.4	4,512.1	43.7	56.2
6. Tobacco	915.7	874.7	836.0	-4.5	-4.4
7. Cashew incl. CSNL	596.3	626.2	928.6	5.0	48.3
8. Spices	1,297.8	1,765.4	2,749.3	36.0	55.7
9. Oil Meal	1,650.8	2,429.5	2,454.4	47.2	1.0
10. Marine Products	2,086.7	2,615.6	3,461.4	25.3	32.3
11. Sugar & Molasses	27.4	1,236.4	1,874.6	-	51.6
B. Ores & Minerals	8,662.5	8,637.1	8,153.3	-0.3	-5.6
Of which :
1. Iron Ore	5,978.9	4,700.3	4,421.2	-21.4	-5.9
2. Processed Minerals	1,231.4	2,177.3	1,827.4	76.8	-16.1
II. Manufactured Goods	1,15,180.7	1,57,993.9	1,86,784.2	37.2	18.2
Of which :
A. Leather & Manufactures	3,361.1	3,910.6	4,788.5	16.3	22.4
B. Chemicals & Related Products	22,908.8	28,871.0	37,190.5	26.0	28.8
1. Basic Chemicals, Pharmaceuticals & Cosmetics	15,767.5	19,305.0	24,439.9	22.4	26.6
2. Plastic & Linoleum Products	3,354.1	4,674.2	6,356.2	39.4	36.0
3. Rubber, Glass, Paints & Enamels, etc.	2,752.5	3,595.9	4,771.0	30.6	32.7
4. Residual Chemicals & Allied Products	1,034.7	1,296.0	1,623.4	25.3	25.3
C. Engineering Goods	38,271.3	58,137.4	67,093.1	51.9	15.4
Of which :
1. Manufactures of Metals	5,523.0	8,456.0	9,615.0	53.1	13.7
2. Machinery & Instruments	9,539.0	11,839.0	14,364.4	24.1	21.3
3. Transport Equipments	9,824.3	16,048.5	20,905.7	63.4	30.3
4. Iron & Steel	3,622.2	5,113.3	6,447.3	41.2	26.1
5. Electronic Goods	5,458.2	8,203.7	8,894.9	50.3	8.4
D. Textiles & Textile Products	19,853.0	24,225.0	27,998.0	22.0	15.6
1. Cotton Yarn, Fabrics, Made-ups, etc.	3,684.2	5,785.6	6,805.1	57.0	17.6
2. Natural Silk Yarn, Fabrics Made-ups etc.(Incl. silk waste)	302.7	374.2	208.4	23.6	-44.3
3. Manmade Yarn, Fabrics, Made-ups, etc.	3,602.7	4,277.7	5,062.9	18.7	18.4
4. Manmade Staple Fibre	356.4	421.4	565.8	18.3	34.2
5. Woollen Yarn, Fabrics, Made-ups,etc.	89.6	110.0	151.5	22.8	37.8
6. Readymade Garments	10,705.6	11,601.8	13,688.7	8.4	18.0
7. Jute & Jute Manufactures	217.8	459.2	457.2	110.9	-0.4
8. Coir & Coir Manufactures	160.1	159.5	213.0	-0.4	33.6
9. Carpets	734.0	1,035.6	845.5	41.1	-18.4
(a) Carpet (excl. silk) Handmade	725.4	1,033.0	841.5	42.4	-18.5
(b) Carpet Millmade	0.0	0.0	0.0
(c) Silk Carpet	8.6	2.6	4.0	-70.0	56.0
E. Gems & Jewellery	28,996.3	40,476.1	46,900.8	39.6	15.9
F. Handicrafts	224.8	256.9	233.5	14.3	-9.1
III. Petroleum Products	28,192.0	41,480.0	55,603.5	47.1	34.0
IV. Others	8,982.2	18,817.7	16,661.7	109.5	-11.5
Total Exports	1,78,751.4	2,51,136.2	3,04,623.5	40.5	21.3
P: Provisional. R: Revised. Note: Figures in brackets relate to percentage to total exports for the period. Source : DGCI&S.

Statement 3: Direction of India's Foreign Trade-Exports
(US $ million)
Group/Country	April-March			Percentage Variation
	2009-10	2010-11R	2011-12	(3)/(2)	(4)/(3)
	1	2	3	4	5
I. O E C D Countries	64,141.6	83,350.7	1,02,992.8	29.9	23.6
A. European Union	35,922.2	46,026.3	52,540.1	28.1	14.2
Of which :
1. Belgium	3,742.8	5,782.6	7,137.4	54.5	23.4
2. France	3,793.9	5,199.0	4,600.9	37.0	-11.5
3. Germany	5,402.9	6,745.3	7,917.6	24.8	17.4
4. Italy	3,387.7	4,543.6	4,851.1	34.1	6.8
5. Netherlands	6,386.8	7,674.6	9,155.9	20.2	19.3
6. U K	6,213.0	7,307.8	8,590.8	17.6	17.6
B. North America	20,600.8	26,634.2	36,369.9	29.3	36.6
1. Canada	1,121.5	1,347.6	2,038.3	20.2	51.3
2. U S A	19,479.4	25,286.6	34,331.7	29.8	35.8
C. Asia & Oceania	5,251.4	6,991.3	9,099.2	33.1	30.2
Of which :
1. Australia	1,382.5	1,712.6	2,491.0	23.9	45.5
2. Japan	3,613.3	5,088.2	6,356.0	40.8	24.9
D. Other O E C D Countries	2,367.2	3,698.9	4,983.6	56.3	34.7
Of which :
1. Switzerland	586.9	689.5	1,109.5	17.5	60.9
II. O P E C	37,648.6	53,502.0	57,955.5	42.1	8.3
Of which :
1. Indonesia	3,078.3	5,689.9	6,686.6	84.8	17.5
2. Iran	1,856.4	2,488.3	2,389.0	34.0	-4.0
3. Iraq	477.1	674.9	775.8	41.5	14.9
4. Kuwait	782.1	1,854.0	1,181.3	137.1	-36.3
5. Saudi Arabia	3,910.4	4,674.1	5,663.0	19.5	21.2
6. U A E	23,891.2	33,770.3	35,878.8	41.4	6.2
III. Eastern Europe	1,793.3	2,813.5	3,239.8	56.9	15.1
Of which :
1. Russia	977.4	1,691.4	1,784.8	73.0	5.5
IV. Developing Countries	70,099.8	96,039.8	1,24,041.2	37.0	29.2
A. Asia	53,242.4	70,069.3	90,144.6	31.6	28.7
a) S A A R C	8,356.5	11,636.5	13,084.8	39.3	12.4
1. Afghanistan	464.5	421.6	507.5	-9.2	20.4
2. Bangladesh	2,424.2	3,237.9	3,804.0	33.6	17.5
3. Bhutan	118.2	175.9	204.1	48.8	16.0
4. Maldives	79.8	100.0	124.7	25.3	24.8
5. Nepal	1,528.4	2,166.4	2,527.6	41.7	16.7
6. Pakistan	1,572.6	2,031.3	1,547.6	29.2	-23.8
7. Sri Lanka	2,168.8	3,503.4	4,369.1	61.5	24.7
b) Other Asian Developing Countries	44,885.9	58,432.8	77,059.9	30.2	31.9
Of which :
1. People's Republic of China	11,532.5	15,454.3	18,067.7	34.0	16.9
2. Hong Kong	7,862.1	10,323.9	12,912.6	31.3	25.1
3. South Korea	3,399.2	3,723.4	4,311.6	9.5	15.8
4. Malaysia	2,846.3	3,879.8	3,983.0	36.3	2.7
5. Singapore	7,577.1	9,817.6	16,702.9	29.6	70.1
6. Thailand	1,734.2	2,270.8	2,964.4	30.9	30.5
B. Africa	10,417.4	15,880.4	20,489.8	52.4	29.0
Of which :
1. Benin	220.6	263.2	643.6	19.4	144.5
2. Egypt Arab Republic	1,399.2	1,981.1	2,447.5	41.6	23.5
3. Kenya	1,452.8	2,183.3	2,292.9	50.3	5.0
4. South Africa	2,055.4	3,925.3	4,742.5	91.0	20.8
5. Sudan	459.9	488.2	711.4	6.1	45.7
6. Tanzania	921.0	1,470.8	1,602.1	59.7	8.9
7. Zambia	88.2	118.3	212.0	34.2	79.2
C. Latin American Countries	6,440.1	10,090.1	13,406.8	56.7	32.9
V. Others	932.7	1,113.8	549.5	19.4	-50.7
VI. Unspecified	4,135.4	14,316.4	15,844.8	246.2	10.7
Total Exports	1,78,751.4	2,51,136.2	3,04,623.5	40.5	21.3
P: Provisional. R: Revised. Source : Figures in brackets relate to percentage to the exports for the period.

Statement 4: India's Imports of Principal Commodities
(US $ million)
Commodity/Group	April-March			Percentage Variation
	2009-10	2010-11R	2011-12	(3)/(2)	(4)/(3)
	1	2	3	4	5
I. Bulk Imports	1,25,315.1	1,51,167.1	2,14,754.6	20.6	42.1
A. Petroleum, Petroleum Products & Related Material	87,135.9	1,05,964.4	1,54,905.9	21.6	46.2
B. Bulk Consumption Goods	9,012.7	8,854.8	11,614.4	-1.8	31.2
1. Wheat	48.9	56.2	0.0	14.9	-
2. Cereals & Cereal Preparations	55.8	63.5	70.1	13.8	10.3
3. Edible Oil	5,582.1	6,553.7	9,649.3	17.4	47.2
4. Pulses	2,068.4	1,569.2	1,829.5	-24.1	16.6
5. Sugar	1,257.5	612.3	65.5	-51.3	-89.3
C. Other Bulk Items	29,166.5	36,347.9	48,234.3	24.6	32.7
1. Fertilisers	6,836.9	7,162.0	11,514.1	4.8	60.8
a) Crude	701.1	715.7	1,660.1	2.1	132.0
b) Sulphur & Unroasted Iron Pyrites	143.7	241.3	486.1	67.9	101.5
c) Manufactured	5,992.1	6,205.1	9,367.9	3.6	51.0
2. Non-Ferrous Metals	3,006.5	4,080.2	4,887.9	35.7	19.8
3. Paper, Paperboard & Mgfd. incl. Newsprint	1,504.1	2,110.0	2,582.0	40.3	22.4
4. Crude Rubber, incl. Synthetic & Reclaimed	1,014.6	1,772.1	2,502.1	74.7	41.2
5. Pulp & Waste Paper	880.7	1,143.1	1,377.1	29.8	20.5
6. Metalliferrous Ores & Metal Scrap etc.	7,682.8	9,704.6	13,386.4	26.3	37.9
7. Iron & Steel	8,240.9	10,375.9	11,984.9	25.9	15.5
II. Non-Bulk Imports	1,63,057.7	2,18,602.0	2,74,662.8	34.1	25.6
A. Capital Goods	65,865.0	78,546.1	99,364.7	19.3	26.5
1. Manufactures of Metals	2,402.1	3,328.9	4,284.3	38.6	28.7
2. Machine Tools	1,655.7	2,255.3	2,994.3	36.2	32.8
3. Machinery except Electrical & Electronics	19,683.1	23,846.8	30,229.4	21.2	26.8
4. Electrical Machinery except Electronics	3,113.4	3,843.0	4,774.7	23.4	24.2
5. Electronic Goods incl. Computer Software	22,635.7	27,690.3	34,257.3	22.3	23.7
6. Transport Equipment	11,692.3	11,437.5	14,038.2	-2.2	22.7
7. Project Goods	4,682.8	6,144.4	8,786.4	31.2	43.0
B. Mainly Export Related Items	31,270.0	53,608.3	54,478.9	71.4	1.6
Of which :
1. Pearl Precious Semi-Precious Stones	16,162.1	34,588.9	30,511.7	114.0	-11.8
2. Chemicals, Organic & Inorganic	11,903.2	15,220.8	18,953.7	27.9	24.5
3. Textile Yarn, Fabric, etc.	2,562.4	3,217.1	3,890.9	25.6	20.9
4. Cashew Nuts	642.4	581.5	1,113.8	-9.5	91.5
C. Others	65,922.8	86,447.6	1,20,819.3	31.1	39.8
Of which :
1. Gold & Silver	29,601.7	42,482.7	61,333.7	43.5	44.4
2. Artificial Resins & Plastic Materials etc.	4,990.1	6,870.5	7,532.8	37.7	9.6
3. Professional Instruments etc., except Electrical	3,616.3	4,214.0	5,272.0	16.5	25.1
4. Coal, Coke & Briquettes etc.	8,960.4	9,804.1	17,405.6	9.4	77.5
5. Medicinal & Pharmaceutical Products	2,099.1	2,439.3	3,001.7	16.2	23.1
6. Chemical Material & Products	2,292.1	2,914.3	3,465.9	27.1	18.9
7. Non-Metallic Mineral Manufactures	1,080.8	1,523.2	2,069.7	40.9	35.9
Total Imports	2,88,372.9	3,69,769.1	4,89,417.4	28.2	32.4
Memo Items
Non-Oil Imports	2,01,237.0	2,63,804.7	3,34,511.5	31.1	26.8
Non-Oil Imports excl. Gold & Silver	1,71,635.3	2,21,322.0	2,73,177.8	28.9	23.4
Mainly Industrial Inputs*	1,53,014.1	2,02,048.1	2,46,923.5	32.0	22.2
P: Provisional. R: Revised. * Non oil imports net of gold and silver, bulk consumption goods, manufactured fertilisers and professional instruments. Note: Figures in brackets relate to percentage to total imports for the period. Source : DGCI & S.

Statement 5: Direction of India's Foreign Trade-Imports
(US $ million)
Group/Country	April-March			Percentage Variation
	2009-10	2010-11R	2011-12	(3)/(2)	(4)/(3)
	1	2	3	4	5
I. O E C D Countries	94,143.0	1,13,157.0	1,45,198.4	20.2	28.3
A. European Union	38,348.3	44,505.5	57,275.6	16.1	28.7
Of which :
1. Belgium	6,000.0	8,598.9	10,434.7	43.3	21.3
2. France	4,179.5	3,701.9	3,843.2	-11.4	3.8
3. Germany	10,304.0	11,881.7	15,725.2	15.3	32.3
4. Italy	3,851.8	4,256.7	5,407.6	10.5	27.0
5. Netherlands	2,118.0	1,848.4	2,702.7	-12.7	46.2
6. U K	4,452.8	5,390.8	7,566.5	21.1	40.4
B. North America	19,083.5	22,079.9	25,965.2	15.7	17.6
1. Canada	2,098.1	2,028.7	2,569.4	-3.3	26.6
2. U S A	16,985.4	20,051.2	23,395.8	18.0	16.7
C. Asia and Oceania	19,585.4	20,049.5	27,892.6	2.4	39.1
Of which :
1. Australia	12,364.7	10,795.6	14,842.5	-12.7	37.5
2. Japan	6,722.5	8,627.5	12,223.8	28.3	41.7
D. Other O E C D Countries	17,125.8	26,522.2	34,065.0	54.9	28.4
Of which :
1. Switzerland	14,592.6	24,743.9	32,265.6	69.6	30.4
II. O P E C	92,360.5	1,24,067.8	1,73,445.7	34.3	39.8
Of which :
1. Indonesia	8,643.8	9,906.4	14,584.4	14.6	47.2
2. Iran	11,516.0	10,913.5	13,640.2	-5.2	25.0
3. Iraq	7,013.1	8,993.6	18,916.1	28.2	110.3
4. Kuwait	8,217.8	10,310.2	16,518.8	25.5	60.2
5. Saudi Arabia	17,002.2	20,379.6	31,091.7	19.9	52.6
6. U A E	19,349.2	32,729.3	35,638.4	69.2	8.9
III.Eastern Europe	6,157.3	5,716.6	8,563.5	-7.2	49.8
Of which :
1. Russia	3,567.2	3,603.1	4,750.6	1.0	31.8
IV. Developing Countries	93,716.9	1,22,125.7	1,57,850.1	30.3	29.3
A. Asia	73,936.7	1,00,104.7	1,26,512.1	35.4	26.4
a) S A A R C	1,651.8	2,170.2	2,487.2	31.4	14.6
1. Afghanistan	124.4	145.3	120.9	16.8	-16.8
2. Bangladesh	254.1	445.9	583.5	75.5	30.9
3. Bhutan	152.4	201.3	203.4	32.1	1.0
4. Maldives	3.6	31.9	19.2	786.7	-39.8
5. Nepal	452.4	513.4	420.5	13.5	-18.1
6. Pakistan	275.0	332.3	422.8	20.8	27.2
7. Sri Lanka	389.9	500.1	716.9	28.3	43.3
b) Other Asian Developing Countries	72,284.8	97,934.5	1,24,024.9	35.5	26.6
Of which :
1. People’s Republic of China	30,783.8	43,474.1	57,633.1	41.2	32.6
2. Hong Kong	4,703.9	9,399.2	10,615.5	99.8	12.9
3. South Korea	8,547.2	10,471.9	13,138.5	22.5	25.5
4. Malaysia	5,162.8	6,528.6	9,552.9	26.5	46.3
5. Singapore	6,454.7	7,143.1	8,474.8	10.7	18.6
6. Thailand	2,927.4	4,271.0	5,417.8	45.9	26.8
B. Africa	12,383.1	13,208.0	19,478.6	6.7	47.5
Of which :
1. Benin	125.9	153.7	272.9	22.1	77.5
2. Egypt Arab Republic	1,693.8	1,351.5	3,001.3	-20.2	122.1
3. Kenya	79.3	124.3	118.2	56.7	-4.9
4. South Africa	5,670.0	7,138.6	9,941.7	25.9	39.3
5. Sudan	473.3	612.9	426.9	29.5	-30.4
6. Tanzania	235.8	325.2	238.2	37.9	-26.7
7. Zambia	101.3	31.9	173.3	-68.5	443.5
C. Latin American Countries	7,397.1	8,813.0	11,859.4	19.1	34.6
V. Others	1,048.5	395.8	219.1	-62.3	-44.6
VI. Unspecified	946.8	4,306.3	4,140.6	354.8	-3.8
Total Imports	2,88,372.9	3,69,769.1	4,89,417.4	28.2	32.4
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, June 2012.