India’s Foreign Trade: April 2010* This article reviews India’s merchandise trade performance during April 2010 on the basis of data released by the Directorate General of Commercial Intelligence and Statistics (DGCI&S); disaggregated commoditywise details for the period April-November 2009 are also analysed. Highlights • India’s merchandise exports during April 2010 at US$ 16.9 billion recorded a growth of 36.2 per cent as compared with a decline of 32.8 per cent registered in April 2009. This is the seventh successive month that exports have shown a positive growth since October 2009. • India’s merchandise imports during April 2010 at US$ 27.3 billion showed a growth of 43.3 per cent as against a decline of 37.2 per cent recorded in April 2009. This was due to growth in both ‘petroleum, oil and lubricants’ (POL) and non-POL imports. This is the sixth consecutive month that imports have registered a positive growth. • ‘Petroleum, oil and lubricants’ (POL) imports at US$ 8.1 billion during April 2010 showed a high growth of 70.5 per cent, as against a decline of 46.9 per cent in April 2009, primarily due to increase in international crude oil prices during the month. The average price of Indian basket of crude oil during April 2010 stood at US$ 83.8 per barrel, which was higher by 66.1 per cent than US$ 50.4 per barrel during April 2009. • Non-POL imports during April 2010 at US$ 19.2 billion recorded a growth of 34.3 per cent as against a decline of 33.1 per cent in April 2009. • Trade deficit during April 2010 amounted to US$ 10.4 billion, which was higher by US$ 3.7 billion (56.6 per cent) than US$ 6.7 billion in April 2009 due to relatively larger increase in imports than exports during the month. • Trade deficit on oil account during April- November 2009 stood at US$ 35.7 billion, which was lower by US$ 18.7 billion than US$ 54.4 billion a year ago. Trade deficit on non-oil account during this period amounted to US$ 29.4 billion, which was lower by US$ 16.4 billion than US$ 45.8 billion in April- November 2008. India’s Merchandise Trade during April 2010 Exports India’s merchandise exports during April 2010 at US$ 16.9 billion recorded a growth of 36.2 per cent as compared with a decline of 32.8 per cent registered in April 2009 (Statement 1). This is the seventh successive month that exports have shown a positive growth after declining for a year since October 2008. The exports value in April 2010 was higher than the value in April 2009 but it was lower than the exports value of US$ 18.5 billion recorded during April 2008 (Chart 1 and Table 1). The commodity-wise exports data released by DGCI&S for April-November 2009 revealed that manufactured goods maintained the largest share at 65.9 per cent, followed by petroleum products (15.0 per cent) and primary products (13.6 per cent). Moreover, the shares of manufactured goods and primary products have increased while that of petroleum products has witnessed a decline (Table 2). During April-November 2009, exports of all major commodity groups declined (Statement 2). Much of the decline in overall exports during this period was on account of the fall in exports of agriculture and allied products, engineering goods, chemicals and related products, gems and jewellery and oil. The sectors which are recovering,though still in the negative zone, consist of ores and minerals, textile and textile products and leather and manufactures. 
Table 1: India's Merchandise Trade: April |
(US$ billion) |
Items |
2009-10 R |
2010-11 P |
April |
1 |
2 |
3 |
Exports |
|
12.4 |
|
16.9 |
|
|
(-32.8) |
|
(36.2) |
Oil Exports |
1.5 |
|
.. |
|
|
(-46.6) |
|
|
|
Non-Oil Exports |
10.9 |
|
.. |
|
|
(-30.3) |
|
|
|
Imports |
|
19.1 |
|
27.3 |
|
|
(-37.2) |
|
(43.3) |
Oil Imports |
4.7 |
|
8.1 |
|
|
(-46.9) |
|
(70.5) |
|
Non-Oil Imports |
14.3 |
|
19.2 |
|
|
(-33.1) |
|
(34.3) |
|
Trade Balance |
|
-6.7 |
|
-10.4 |
Oil Trade Balance |
-3.2 |
|
.. |
|
Non-Oil Trade Balance |
-3.4 |
|
.. |
|
R : Revised. P : Provisional... Not available.
Note : Figures in parentheses show percentage change over the corresponding period of the previous year.
Source : Compiled from Ministry of Commerce and Industry and DGCI&S data. |
Exports of petroleum products at US$ 16.3 billion during April-November 2009 registered a decline of 26.5 per cent as against a growth of 28.4 per cent a year ago. This occurred in the aftermath of sharp decline in world oil prices during April- November 2009 over April-November 2008 (Chart 3). The decline in oil exports was mainly on account of decline of these exports to Singapore and the UAE that together constitue around 21 per cent of India’s oil exports. However, the volume of these exports grew by 15.1 per cent during the period as compared with a decline of 8.7 per cent during April-November 2008. The fall in exports of agriculture and allied products was brought about mainly by the fall in exports of these products to the US, the UAE, Bangladesh and Saudi Arabia, which together constitute around 30 per cent of India’s agriculture and allied products exports. The decline in chemicals exports was mainly on account of decline of these exports to Germany and the UAE. The decline in gems and jewellery exports was mainly attributable to the decline of these exports to the US and Belgium, which constitute around one-fourth of India’s gems and jewellery exports. The decline in exports of engineering goods was attributable mainly to the decline of these exports to the US, the UAE and Singapore, that together accounted for about 25 per cent of India’s engineering goods exports.
Table 2: India's Exports of Principal Commodities |
(Percentage Shares) |
Commodity Group |
2007-08 |
2008-09 |
2008-09 |
2009-10 |
April-March |
April-November |
1 |
2 |
3 |
4 |
5 |
I. Primary Products |
16.9 |
13.7 |
13.3 |
13.6 |
Agriculture and Allied Products |
11.3 |
9.5 |
9.5 |
9.2 |
Ores and Minerals |
5.6 |
4.2 |
3.8 |
4.4 |
II. Manufactured Goods |
63.2 |
66.5 |
65.4 |
65.9 |
Leather and Manufactures |
2.2 |
1.9 |
1.9 |
1.9 |
Chemicals and Related Products |
13.0 |
12.3 |
12.0 |
12.9 |
Engineering Goods |
22.9 |
25.5 |
25.0 |
22.7 |
Textiles and Textile Products |
11.9 |
10.8 |
10.0 |
11.2 |
Gems and Jewellery |
12.1 |
15.1 |
15.7 |
16.1 |
III. Petroleum Products |
17.4 |
14.5 |
16.5 |
15.0 |
IV. Others |
2.5 |
5.3 |
4.8 |
5.5 |
Total Exports |
100.0 |
100.0 |
100.0 |
100.0 |
Source: Compiled from DGCI&S data. |
The improvement in exports of ores and minerals was brought about mainly by increase in exports of these products to Hong Kong, Japan and South Korea. The improvement in exports of leather and manufactures was brought about mainly by increase in exports of these products to France and the UK. The textiles exports improved because of increase of these exports to the UAE, Spain, France and Pakistan that together contribute about 20 per cent of India’s textiles exports. Destination-wise, during April-November 2009, among the regions, developing countries and OECD countries were the major markets for India’s exports with these groups accounting for 37.6 per cent and 36.6 per cent shares, respectively (Table 3). Another major contributor was OPEC with the share of 21.8 per cent. During April-November 2009, the shares of OECD and developing countries increased while that of OPEC declined. Country-wise, the UAE, with a share of 13.3 per cent, was the largest destination for India’s exports in April-November 2009; followed by the US, China, Hong Kong, Singapore and the Netherlands. These six countries together accounted for 42.1 per cent of India’s total exports. Direction of India’s exports during April-November 2009 indicated that exports to all major markets, such as the EU, OPEC and developing countries declined (Statement 3).
Table 3 : India’s Exports to Principal Regions |
(Percentage Shares) |
Region/Country |
2007-08 |
2008-09 |
2008-09 |
2009-10 |
April-March |
April-November |
1 |
2 |
3 |
4 |
5 |
I. |
OECD Countries |
39.5 |
36.9 |
36.1 |
36.6 |
|
EU |
21.2 |
21.0 |
20.3 |
20.5 |
|
North America |
13.5 |
12.1 |
12.0 |
11.7 |
|
US |
12.7 |
11.3 |
11.3 |
11.1 |
|
Asia and Oceania |
3.2 |
2.5 |
2.4 |
3.0 |
|
Other OECD Countries |
1.6 |
1.4 |
1.4 |
1.3 |
II. |
OPEC |
16.6 |
21.0 |
22.0 |
21.8 |
III. |
Eastern Europe |
1.1 |
1.1 |
1.1 |
1.0 |
IV. |
Developing Countries |
42.5 |
37.0 |
37.2 |
37.6 |
|
Asia |
31.6 |
27.7 |
27.1 |
28.3 |
|
SAARC |
5.9 |
4.6 |
4.6 |
4.5 |
|
Other Asian Developing Countries |
25.7 |
23.1 |
22.5 |
23.8 |
|
People’s Republic of China |
6.6 |
5.0 |
4.3 |
5.4 |
|
Africa |
7.5 |
6.2 |
6.6 |
6.2 |
|
Latin America |
3.4 |
3.1 |
3.5 |
3.1 |
V. |
Others / Unspecified |
0.3 |
4.0 |
3.6 |
3.0 |
|
Total Exports |
100.0 |
100.0 |
100.0 |
100.0 |
Source: Compiled from DGCI&S data. |
Imports Imports during April 2010 at US$ 27.3 billion showed a growth of 43.3 per cent as against a decline of 37.2 per cent recorded in April 2009. This was due to growth in both petroleum, oil and lubricants (POL) and non-POL imports (Statement 1). After a continuous decline for eleven months, imports turned around in November 2009. This is the sixth consecutive month that imports have registered a positive growth (Table 1 and Chart 1). POL imports at US$ 8.1 billion during April 2010 showed a high growth of 70.5 per cent, as against a decline of 46.9 per cent in April 2009, primarily due to increase in international crude oil prices over the month. The average price of Indian basket of crude oil during April 2010 stood at US$ 83.8 per barrel, which was higher by 66.1 per cent than US$ 50.4 per barrel during April 2009 (Table 4). Non-POL imports at US$ 19.2 billion recorded a growth of 34.3 per cent during April 2010 as against a decline of 33.1 per cent in April 2009. The commodity-wise imports data for April-November 2009 indicated that POL imports at US$ 52.0 billion showed a decline of 32.0 per cent as against a high growth of 60.8 per cent a year ago, mainly due to reduction in international crude oil prices over the period (Statement 4). The volume of POL imports, however, showed a growth of 11.8 per cent as against a growth of 9.0 per cent during April-November 2008. Non-POL imports during April- November 2009 at US$ 121.9 billion witnessed a decline of 22.8 per cent as against a growth of 36.5 per cent during the corresponding period of 2008.
Table 4: Trends in Crude Oil Prices |
(US $/barrel) |
Period |
Dubai |
Brent |
WTI* |
Indian Basket** |
1 |
2 |
3 |
4 |
5 |
2001-02 |
21.8 |
23.2 |
24.1 |
22.4 |
2002-03 |
25.9 |
27.6 |
29.2 |
26.6 |
2003-04 |
26.9 |
29.0 |
31.4 |
27.8 |
2004-05 |
36.4 |
42.2 |
45.0 |
39.2 |
2005-06 |
53.4 |
58.0 |
59.9 |
55.7 |
2006-07 |
60.9 |
64.4 |
64.7 |
62.4 |
2007-08 |
77.3 |
82.4 |
82.3 |
79.5 |
2008-09 |
82.1 |
84.7 |
85.8 |
82.7 |
2009-10 |
69.6 |
69.8 |
70.6 |
69.6 |
April 2009 |
50.2 |
50.9 |
49.8 |
50.4 |
April 2010 |
83.1 |
85.0 |
84.5 |
83.8 |
* West Texas Intermediate.
** The composition of Indian basket of crude represents average of Oman and Dubai for sour grades and Brent (dated) for sweet grade in the ratio of 63.5:36.5 w.e.f. April 1, 2009.
Source: International Monetary Fund, International Financial Statistics; World Bank’s Commodity Price Pink Sheet for May 2010; Ministry of Petroleum and Natural Gas, Government of India. |
The slowdown in non-POL imports was mainly due to decline in imports of capital goods, pearls, precious and semi-precious stones, gold and silver, fertilisers and nonferrous metals. Within capital goods, the imports of machinery and transport equipments witnessed a larger decline than other components of capital goods. However, imports of bulk consumption goods showed a high growth of 75.9 per cent during the period as against almost stagnancy during April-November 2008. During April-November 2009 the shares of capital goods, gold and silver and chemicals in total imports went up, while those of petroleum, crude and products, pearls, precious and semi-precious stones, metalliferrous ores, metal scrap, etc., and fertilisers came down (Table 5). Source-wise, during April-November 2009, developing countries had the highest share in India’s total imports (33.3 per cent), followed by OECD countries and OPEC (Table 6). The shares of developing countries and OECD countries increased, while that of OPEC declined during the period. Country-wise, China continued to be the single largest source of imports with the share of 11.3 per cent in total imports, followed by the UAE, the US, Saudi Arabia and Switzerland. These five countries together constituted around 33.3 per cent of India’s imports. Direction of India’s imports during April-November 2009 indicated that imports from all the major regions declined (Statement 5).
Table 5 : Imports of Principal Commodities |
(Percentage Shares) |
Commodity/Group |
2007-08 |
2008-09 |
2008-09 |
2009-10 |
April-March |
April-November |
1 |
2 |
3 |
4 |
5 |
1. Petroleum, Crude and Products |
31.7 |
30.8 |
32.7 |
29.9 |
2. Capital Goods |
27.9 |
23.6 |
21.6 |
22.5 |
3. Gold and Silver |
7.1 |
7.2 |
8.5 |
8.8 |
4. Organic and Inorganic Chemicals |
3.9 |
4.0 |
4.1 |
4.3 |
5. Coal, Coke and Briquettes, etc. |
2.6 |
3.3 |
3.3 |
3.3 |
6. Fertilisers |
2.2 |
4.5 |
5.0 |
2.9 |
7. Metalliferrous Ores, Metal Scrap, etc. |
3.1 |
2.6 |
2.7 |
2.5 |
8. Iron and Steel |
3.5 |
3.1 |
3.0 |
3.0 |
9. Pearls, Precious and Semi-Precious Stones |
3.2 |
5.5 |
5.4 |
5.0 |
10. Others |
14.8 |
15.4 |
13.7 |
17.8 |
Total Imports |
100.0 |
100.0 |
100.0 |
100.0 |
Source: Compiled from DGCI&S data. |
Table 6: Shares of Groups/Countries in India’s Imports |
(Percentage Shares) |
Region/Country |
2007-08 |
2008-09 |
2008-09 |
2009-10 |
April-March |
April-November |
1 |
2 |
3 |
4 |
5 |
I. OECD Countries |
35.4 |
31.7 |
31.6 |
32.2 |
EU |
15.3 |
13.9 |
13.3 |
13.4 |
France |
2.5 |
1.5 |
1.4 |
1.1 |
Germany |
3.9 |
3.9 |
3.4 |
3.7 |
UK |
2.0 |
1.9 |
2.0 |
1.6 |
North America |
9.1 |
6.9 |
6.8 |
6.6 |
US |
8.4 |
6.1 |
6.1 |
5.8 |
Asia and Oceania |
5.8 |
6.3 |
6.2 |
6.7 |
Other OECD Countries |
5.2 |
4.6 |
5.3 |
5.4 |
II. OPEC |
30.7 |
32.1 |
34.2 |
31.5 |
III. Eastern Europe |
1.5 |
2.2 |
2.2 |
2.4 |
IV. Developing Countries |
31.5 |
31.9 |
31.1 |
33.3 |
Asia |
25.5 |
25.9 |
25.1 |
26.4 |
SAARC |
0.8 |
0.6 |
0.6 |
0.6 |
Other Asian Developing Countries |
24.7 |
25.3 |
24.5 |
25.8 |
of which: |
|
|
|
|
People’s Republic of China |
10.8 |
10.6 |
10.2 |
11.3 |
Africa |
3.7 |
4.1 |
4.3 |
4.4 |
Latin America |
2.3 |
1.9 |
1.7 |
2.5 |
V. Others / Unspecified |
0.9 |
2.1 |
0.9 |
0.6 |
Total Imports |
100.0 |
100.0 |
100.0 |
100.0 |
Source: Compiled from DGCI&S data. |
Trade Deficit Trade Deficit Trade deficit during April 2010 amounted to US$ 10.4 billion, which was higher by US$ 3.7 billion (56.6 per cent) than US$ 6.7 billion in April 2009 due to relatively larger increase in imports than exports during the month (Statement 1 and Chart 1). Trade deficit on oil account during April- November 2009 stood at US$ 35.7 billion, which was lower by US$ 18.7 billion than US$ 54.4 billion a year ago. Trade deficit on non-oil account during this period amounted to US$ 29.4 billion, which was lower by US$ 16.4 billion than US$ 45.8 billion in April-November 2008. 
Global Trade World merchandise exports after declining for a year witnessed a turnaround in November 2009 (Table 7 and Chart 2). According to the latest monthly data from International Monetary Fund’s (IMF) International Financial Statistics (IFS), in the recent months, the exports of emerging and developing economies have witnessed higher growth than those of advanced economies.
Table 7: Growth in Exports – Global Scenario |
(Per cent) |
Region/Country |
2008 |
2009 |
2009 |
2010 |
January-December |
January-February |
1 |
2 |
3 |
4 |
5 |
World |
|
16.1 |
|
-21.4 |
|
-29.6 |
|
23.8 |
Advanced Economies |
|
10.9 |
|
-21.2 |
|
-31.3 |
|
19.9 |
US |
11.9 |
|
-18.8 |
|
-21.9 |
|
17.3 |
|
France |
10.1 |
|
-22.2 |
|
-31.6 |
|
13.0 |
|
Germany |
9.6 |
|
-22.3 |
|
-31.7 |
|
11.4 |
|
Japan |
12.3 |
|
-26.1 |
|
-43.9 |
|
44.4 |
|
Emerging and Developing Economies |
|
25.6 |
|
-21.9 |
|
-27.4 |
|
25.0* |
Singapore |
13.0 |
|
-20.2 |
|
-35.1 |
|
36.9 |
|
China |
17.3 |
|
-15.9 |
|
-21.1 |
|
21.0* |
|
India |
29.7 |
|
-16.5 |
|
-23.7** |
|
35.3** |
|
Indonesia |
24.4 |
|
-19.4 |
|
-31.5 |
|
39.4 |
|
Korea |
13.6 |
|
-14.3 |
|
-26.7 |
|
37.3 |
|
Malaysia |
19.1 |
|
-24.9 |
|
-30.0 |
|
35.4 |
|
Thailand |
12.9 |
|
-12.0 |
|
-21.4 |
|
28.2 |
|
* January 2010 over January 2009.
** January-April over corresponding period of previous year.Sources:
1. IMF (www.imfstatistics.org).
2. DGCI&S for India. |
World Commodity Prices
According to IMF’s IFS, the world commodity prices after falling for thirteen consecutive months showed a rise since November 2009 and since then the prices have been following a rising trend. In April 2010, the commodity prices showed a rise of 48.5 per cent (Chart 3). During this month, the prices of energy, food and metals increased by 60.1 per cent, 8.5 per cent and 69.3 per cent, respectively. 
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-March Rupees crore
|
| 2007-08 |
6,55,864 |
1,14,192 |
5,41,672 |
10,12,312 |
3,20,655 |
6,91,657 |
-3,56,448 |
-2,06,463 |
-1,49,985 |
|
(14.7) |
(35.1) |
(11.2) |
(20.4) |
(24.0) |
(18.9) |
|
|
|
| 2008-09 R |
8,40,754 |
1,23,398 |
7,17,356 |
13,74,434 |
4,19,946 |
9,54,488 |
-5,33,680 |
-2,96,548 |
-2,37,132 |
| |
(28.2) |
(8.1) |
(32.4) |
(35.8) |
(31.0) |
(38.0) |
|
|
|
| 2009-10 P |
8,35,264 |
.. |
.. |
13,18,188 |
4,04,021 |
9,14,167 |
-4,82,924 |
.. |
.. |
|
(-0.7) |
|
|
(-4.1) |
(-3.8) |
(-4.2) |
|
|
|
US dollar million |
| 2007-08 |
1,62,904 |
28,363 |
1,34,541 |
2,51,439 |
79,645 |
1,71,795 |
-88,535 |
-51,281 |
-37,254 |
|
(28.9) |
(52.2) |
(24.8) |
(35.4) |
(39.9) |
(33.4) |
|
|
|
| 2008-09 R |
1,85,295 |
26,830 |
1,58,466 |
3,03,696 |
93,667 |
2,10,029 |
-1,18,401 |
-66,838 |
-51,564 |
|
(13.7) |
(-5.4) |
(17.8) |
(20.8) |
(17.6) |
(22.3) |
|
|
|
| 2009-10 P |
1,76,574 |
.. |
.. |
2,78,681 |
85,473 |
1,93,208 |
-1,02,107 |
.. |
.. |
|
(-4.7) |
|
|
(-8.2) |
(-8.7) |
(-8.0) |
|
|
|
April Rupees crore |
| 2008-09 |
73,883 |
11,376 |
62,507 |
121,335 |
35,742 |
85,593 |
-47,453 |
-24,366 |
-23,087 |
|
(54.8) |
(29.3) |
(60.5) |
(56.7) |
(54.4) |
(57.7) |
|
|
|
| 2009-10 R |
62,064 |
7,592 |
54,472 |
95,377 |
23,726 |
71,651 |
-33,313 |
-16,134 |
-17,179 |
|
(-16.0) |
(-33.3) |
(-12.9) |
(-21.4) |
(-33.6) |
(-16.3) |
|
|
|
| 2010-11 P |
75,147 |
.. |
.. |
121,517 |
35,950 |
85,567 |
-46,370 |
.. |
.. |
|
(21.1) |
|
|
(27.4) |
(51.5) |
(19.4) |
|
|
|
US dollar million |
| 2008-09 |
18,460 |
2,842 |
15,618 |
30,317 |
8,931 |
21,386 |
-11,857 |
-6,088 |
-5,768. |
|
(63.0) |
(36.2) |
(69.0) |
(65.0) |
(62.6) |
(66.1) |
|
|
|
| 2009-10 R |
12,398 |
1,517 |
10,881 |
19,052 |
4,739 |
14,313 |
-6,654 |
-3,222 |
-3,432 |
|
(-32.8) |
(-46.6) |
(-30.3) |
(-37.2) |
(-46.9) |
(-33.1) |
|
|
|
| 2010-11 P |
16,887 |
.. |
.. |
27,308 |
8,079 |
19,229 |
-10,420 |
.. |
.. |
|
(36.2) |
|
|
(43.3) |
(70.5) |
(34.3) |
|
|
|
P: Provisional. R: Revised. .. Not available.
Note: Figures in brackets relate to percentage variation over the corresponding period of the previous year.
Source: DGCI&S. |
Statement 2: India’s Exports of Principal Commodities |
(US$ million) |
Commodity/Group |
April-November |
Percentage Variation |
2007-08 |
2008-09 R |
2009-10 P |
(3)/(2) |
(4)/(3) |
1 |
2 |
3 |
4 |
5 |
6 |
I. |
Primary Products |
15,184.7 |
17,844.3 |
14,783.4 |
17.5 |
-17.2 |
|
|
(15.0) |
(13.3) |
(13.6) |
|
|
|
A. Agricultural & Allied Products |
10,186.8 |
12,771.9 |
10,012.3 |
25.4 |
-21.6 |
|
of which : |
(10.1) |
(9.5) |
(9.2) |
|
|
|
1. Tea |
330.2 |
425.8 |
394.0 |
29.0 |
-7.5 |
|
2. Coffee |
271.9 |
356.3 |
253.9 |
31.0 |
-28.7 |
|
3. Rice |
1,613.1 |
1,654.7 |
1,587.4 |
2.6 |
-4.1 |
|
4. Wheat |
0.1 |
0.1 |
0.0 |
- |
- |
|
5. Cotton Raw incl. Waste |
627.5 |
452.3 |
561.3 |
-27.9 |
24.1 |
|
6. Tobacco |
321.8 |
503.6 |
615.9 |
56.5 |
22.3 |
|
7. Cashew incl. CNSL |
352.0 |
477.9 |
394.6 |
35.7 |
-17.4 |
|
8. Spices |
858.2 |
979.0 |
822.2 |
14.1 |
-16.0 |
|
9. Oil Meal |
793.5 |
1,536.6 |
958.1 |
93.6 |
-37.6 |
|
10.Marine Products |
1,273.3 |
1,127.2 |
1,130.9 |
-11.5 |
0.3 |
|
11.Sugar & Molasses |
792.9 |
970.7 |
16.4 |
22.4 |
-98.3 |
|
B. Ores & Minerals |
4,997.9 |
5,072.4 |
4,771.1 |
1.5 |
-5.9 |
|
of which : |
(4.9) |
(3.8) |
(4.4) |
|
|
|
1. Iron Ore |
2,844.5 |
2,715.9 |
3,139.7 |
-4.5 |
15.6 |
|
2. Processed Minerals |
817.9 |
1,018.2 |
786.7 |
24.5 |
-22.7 |
II. |
Manufactured Goods |
65,447.9 |
87,751.6 |
71,702.8 |
34.1 |
-18.3 |
|
of which : |
(64.7) |
(65.4) |
(65.9) |
|
|
|
A. Leather & Manufactures |
2,273.4 |
2,512.5 |
2,112.2 |
10.5 |
-15.9 |
|
B. Chemicals & Related Products |
13,132.5 |
16,038.9 |
14,009.3 |
22.1 |
-12.7 |
|
1. Basic Chemicals, Pharmaceuticals & Cosmetics |
8,548.2 |
10,773.9 |
9,693.7 |
26.0 |
-10.0 |
|
2. Plastic & Linoleum |
2,144.1 |
2,287.2 |
2,002.3 |
6.7 |
-12.5 |
|
3. Rubber, Glass, Paints & Enamels, etc. |
1,862.2 |
2,162.0 |
1,686.4 |
16.1 |
-22.0 |
|
4. Residual Chemicals & Allied Products |
578.0 |
815.7 |
626.9 |
41.1 |
-23.2 |
|
C. Engineering Goods |
23,066.5 |
33,607.7 |
24,754.5 |
45.7 |
-26.3 |
|
of which : |
|
|
|
|
|
|
1. Manufactures of Metals |
4,293.7 |
5,261.0 |
3,579.8 |
22.5 |
-32.0 |
|
2. Machinery & Instruments |
5,615.7 |
7,521.1 |
6,090.0 |
33.9 |
-19.0 |
|
3. Transport Equipments |
4,133.4 |
7,271.0 |
6,548.4 |
75.9 |
-9.9 |
|
4. Iron & Steel |
3,490.4 |
4,741.5 |
2,132.1 |
35.8 |
-55.0 |
|
5. Electronic Goods |
2,103.7 |
4,766.8 |
3,937.2 |
126.6 |
-17.4 |
|
D. Textiles and Textile Products |
12,454.6 |
13,382.3 |
12,175.5 |
7.4 |
-9.0 |
|
1. Cotton Yarn, Fabrics, Made-ups, etc. |
2,967.8 |
2,979.5 |
2,151.8 |
0.4 |
-27.8 |
|
2. Natural Silk Yarn, Fabrics, Made-ups, etc. (incl. silk waste) |
250.0 |
260.1 |
197.7 |
4.0 |
-24.0 |
|
3. Manmade Yarn, Fabrics, Made-ups, etc. |
1,896.8 |
2,196.2 |
2,277.5 |
15.8 |
3.7 |
|
4. Manmade Staple Fibre |
162.2 |
196.6 |
214.2 |
21.2 |
9.0 |
|
5. Woollen Yarn, Fabrics, Made-ups, etc. |
57.0 |
68.7 |
57.3 |
20.4 |
-16.5 |
|
6. Readymade Garments |
6,159.5 |
6,785.3 |
6,567.1 |
10.2 |
-3.2 |
|
7. Jute & Jute Manufactures |
217.4 |
232.5 |
148.3 |
7.0 |
-36.2 |
|
8. Coir & Coir Manufactures |
104.0 |
101.2 |
105.2 |
-2.7 |
4.0 |
|
9. Carpets |
640.0 |
562.4 |
456.2 |
-12.1 |
-18.9 |
|
(a) Carpet Handmade |
628.6 |
556.2 |
449.9 |
-11.5 |
-19.1 |
|
(b) Carpet Millmade |
0.0 |
0.0 |
0.0 |
- |
- |
|
(c) Silk Carpets |
11.4 |
6.2 |
6.3 |
-46.0 |
2.4 |
|
E. Gems & Jewellery |
13,263.2 |
21,011.4 |
17,517.1 |
58.4 |
-16.6 |
|
F. Handicrafts |
398.7 |
237.5 |
137.1 |
-40.4 |
-42.3 |
III. |
Petroleum Products |
17,252.4 |
22,152.3 |
16,292.9 |
28.4 |
-26.5 |
|
|
(17.1) |
(16.5) |
(15.0) |
|
|
IV. |
Others |
3,257.9 |
6,452.7 |
6,069.0 |
98.1 |
-5.9 |
|
|
(3.2) |
(4.8) |
(5.6) |
|
|
Total Exports |
101,142.9 |
134,200.9 |
108,848.1 |
32.7 |
-18.9 |
P: Provisional. R: Revised.
Note: Figures in brackets relate to percentage to total exports for the period.
Source : DGCI& |
Statement 3 : Direction of India's Foreign Trade |
(US$ million) |
Group/Country |
April-November |
Percentage Variation |
2007-08 |
2008-09 R |
2009-10 P |
(3)/(2) |
(4)/(3) |
1 |
2 |
3 |
4 |
5 |
6 |
I. |
O E C D Countries |
40,941.8 |
48,442.2 |
39,869.8 |
18.3 |
-17.7 |
|
A. E U |
21,784.3 |
27,210.3 |
22,334.4 |
24.9 |
-17.9 |
|
of which: |
|
|
|
|
|
|
1. Belgium |
2,714.8 |
3,359.5 |
2,260.0 |
23.7 |
-32.7 |
|
2. France |
1,598.8 |
1,999.4 |
2,131.9 |
25.1 |
6.6 |
|
3. Germany |
3,227.7 |
4,322.2 |
3,286.8 |
33.9 |
-24.0 |
|
4. Italy |
2,491.8 |
2,644.6 |
2,010.5 |
6.1 |
-24.0 |
|
5. Netherlands |
3,156.6 |
4,347.3 |
4,346.8 |
37.7 |
0.0 |
|
6. U K |
4,389.0 |
4,669.3 |
4,025.6 |
6.4 |
-13.8 |
|
B. North America |
14,494.0 |
16,069.8 |
12,788.0 |
10.9 |
-20.4 |
|
1. Canada |
809.4 |
932.8 |
725.2 |
15.3 |
-22.3 |
|
2. U S A |
13,684.6 |
15,137.0 |
12,062.8 |
10.6 |
-20.3 |
|
C. Asia and Oceania |
3,020.6 |
3,241.8 |
3,288.8 |
7.3 |
1.5 |
|
of which: |
|
|
|
|
|
|
1. Australia |
764.8 |
993.1 |
891.3 |
29.9 |
-10.3 |
|
2. Japan |
2,164.4 |
2,106.6 |
2,205.0 |
-2.7 |
4.7 |
|
D. Other O E C D Countries |
1,643.0 |
1,920.3 |
1,458.6 |
16.9 |
-24.0 |
|
of which: |
|
|
|
|
|
|
1. Switzerland |
386.3 |
527.6 |
382.6 |
36.6 |
-27.5 |
II. |
O P E C |
17,221.7 |
29,514.0 |
23,769.5 |
71.4 |
-19.5 |
|
Of which: |
|
|
|
|
|
|
1. Indonesia |
1,159.6 |
1,918.6 |
2,046.9 |
65.5 |
6.7 |
|
2. Iran |
1,548.3 |
1,768.4 |
1,224.1 |
14.2 |
-30.8 |
|
3. Iraq |
144.0 |
313.1 |
337.9 |
117.4 |
7.9 |
|
4. Kuwait |
418.2 |
583.7 |
499.8 |
39.6 |
-14.4 |
|
5. Saudi Arabia |
2,181.8 |
3,989.4 |
2,658.5 |
82.8 |
-33.4 |
|
6. U A E |
10,087.9 |
18,491.4 |
14,450.7 |
83.3 |
-21.9 |
III. |
Eastern Europe |
1,119.2 |
1,505.3 |
1,095.8 |
34.5 |
-27.2 |
|
of which: |
|
|
|
|
|
|
1. Russia |
580.0 |
796.7 |
589.5 |
37.4 |
-26.0 |
IV. |
Developing Countries |
40,964.3 |
49,878.7 |
40,941.4 |
21.8 |
-17.9 |
|
of which: |
|
|
|
|
|
|
A. Asia |
30,007.3 |
36,339.9 |
30,803.9 |
21.1 |
-15.2 |
|
a) S A A R C |
5,287.0 |
6,172.1 |
4,846.6 |
16.7 |
-21.5 |
|
1. Afghanistan |
161.4 |
253.2 |
334.5 |
56.9 |
32.1 |
|
2. Bangladesh |
1,431.3 |
1,825.8 |
1,477.5 |
27.6 |
-19.1 |
|
3. Bhutan |
56.0 |
78.9 |
67.3 |
40.8 |
-14.6 |
|
4. Maldives |
56.0 |
73.2 |
53.1 |
30.8 |
-27.5 |
|
5. Nepal |
868.9 |
1,104.5 |
807.4 |
27.1 |
-26.9 |
|
6. Pakistan |
1,014.6 |
986.3 |
965.7 |
-2.8 |
-2.1 |
|
7. Sri Lanka |
1,698.8 |
1,850.2 |
1,141.0 |
8.9 |
-38.3 |
|
b) Other Asian Countries |
24,720.2 |
30,167.8 |
25,957.3 |
22.0 |
-14.0 |
|
of which: |
|
|
|
|
|
|
1. People’s Republic of China |
5,916.6 |
5,764.6 |
5,881.0 |
-2.6 |
2.0 |
|
2. Hong Kong |
3,949.7 |
4,735.8 |
4,816.0 |
19.9 |
1.7 |
|
3. South Korea |
1,513.6 |
2,515.4 |
2,027.4 |
66.2 |
-19.4 |
|
4. Malaysia |
1,415.9 |
1,958.9 |
1,942.7 |
38.4 |
-0.8 |
|
5. Singapore |
4,472.3 |
6,441.0 |
4,321.4 |
44.0 |
-32.9 |
|
6. Thailand |
1,141.7 |
1,490.9 |
1,056.8 |
30.6 |
-29.1 |
|
B. Africa |
7,788.5 |
8,890.6 |
6,746.6 |
14.2 |
-24.1 |
|
of which: |
|
|
|
|
|
|
1. Benin |
147.6 |
138.7 |
128.6 |
-6.0 |
-7.3 |
|
2. Egypt Arab Republic |
841.6 |
1,326.5 |
839.2 |
57.6 |
-36.7 |
|
3. Kenya |
879.9 |
1,062.4 |
991.4 |
20.7 |
-6.7 |
|
4. South Africa |
1,620.9 |
1,481.3 |
1,429.1 |
-8.6 |
-3.5 |
|
5. Sudan |
251.0 |
324.5 |
277.2 |
29.3 |
-14.6 |
|
6. Tanzania |
360.9 |
770.7 |
644.4 |
113.5 |
-16.4 |
|
7. Zambia |
100.3 |
78.1 |
56.4 |
-22.1 |
-27.8 |
|
C. Latin American Countries |
3,168.6 |
4,648.2 |
3,390.8 |
46.7 |
-27.1 |
V. |
Others |
757.4 |
1,693.7 |
396.2 |
123.6 |
-76.6 |
VI. |
Unspecified |
138.5 |
3,166.9 |
2,775.5 |
— |
-12.4 |
Total Exports |
101,142.9 |
134,200.9 |
108,848.1 |
32.7 |
-18.9 |
P: Provisional. R: Revised.
Source: DGCI & S. |
Statement 4: India’s Imports of Principal Commodities |
(US$ million) |
Commodity/Group |
April-November |
Percentage Variation |
2007-08 |
2008-09 R |
2009-10 P |
(3)/(2) |
(4)/(3) |
1 |
2 |
3 |
4 |
5 |
6 |
I. |
Bulk Imports |
69,630.1 |
112,519.0 |
75,981.4 |
61.6 |
-32.5 |
|
|
(42.7) |
(48.0) |
(43.7) |
|
|
|
A. Petroleum, Petroleum Products |
47,597.0 |
76,523.6 |
52,027.9 |
60.8 |
-32.0 |
|
& Related Material |
(29.2) |
(32.7) |
(29.9) |
|
|
|
B. Bulk Consumption Goods |
3,021.7 |
2,991.8 |
5,261.4 |
-1.0 |
75.9 |
|
1. Wheat |
269.1 |
0.0 |
0.0 |
- |
- |
|
2. Cereals & Cereal Preparations |
25.1 |
31.4 |
29.0 |
25.1 |
-7.9 |
|
3. Edible Oil |
1,863.7 |
2,075.7 |
3,359.9 |
11.4 |
61.9 |
|
4. Pulses |
863.2 |
877.5 |
1,194.2 |
1.7 |
36.1 |
|
5. Sugar |
0.5 |
7.1 |
678.3 |
- |
- |
|
C. Other Bulk Items |
19,011.4 |
33,003.6 |
18,692.0 |
73.6 |
-43.4 |
|
1. Fertilisers |
3,603.0 |
11,800.8 |
4,991.7 |
227.5 |
-57.7 |
|
a) Crude |
280.4 |
781.5 |
418.9 |
178.7 |
-46.4 |
|
b) Sulphur & Unroasted Iron Pyrites |
160.1 |
625.6 |
67.1 |
290.7 |
-89.3 |
|
c) Manufactured |
3,162.4 |
10,393.7 |
4,505.7 |
228.7 |
-56.6 |
|
2. Non-Ferrous Metals |
2,286.8 |
5,153.4 |
1,949.8 |
125.4 |
-62.2 |
|
3. Paper, Paperboard & Mgfd. incl. Newsprint |
948.8 |
1,361.6 |
962.9 |
43.5 |
-29.3 |
|
4. Crude Rubber, incl. Synthetic & Reclaimed |
503.6 |
741.8 |
644.1 |
47.3 |
-13.2 |
|
5. Pulp & Waste Paper |
522.2 |
597.4 |
535.8 |
14.4 |
-10.3 |
|
6. Metalliferrous Ores & Metal Scrap |
5,239.2 |
6,346.8 |
4,320.8 |
21.1 |
-31.9 |
|
7. Iron & Steel |
5,907.7 |
7,001.8 |
5,286.9 |
18.5 |
-24.5 |
II. |
Non-Bulk Imports |
93,554.6 |
121,834.0 |
97,969.1 |
30.2 |
-19.6 |
|
|
(57.3) |
(52.0) |
(56.3) |
|
|
|
A. Capital Goods |
36,574.9 |
50,552.0 |
39,095.7 |
38.2 |
-22.7 |
|
1. Manufactures of Metals |
1,528.9 |
2,319.0 |
1,557.6 |
51.7 |
-32.8 |
|
2. Machine Tools |
1,380.6 |
1,679.6 |
1,023.8 |
21.7 |
-39.0 |
|
3. Machinery except Electrical & Electronics |
12,090.5 |
15,404.0 |
12,376.3 |
27.4 |
-19.7 |
|
4. Electrical Machinery except Electronics |
1,864.1 |
2,755.0 |
2,044.2 |
47.8 |
-25.8 |
|
5. Electronic Goods incl. Computer Software |
14,499.0 |
17,314.1 |
15,328.4 |
19.4 |
-11.5 |
|
6. Transport Equipments |
4,370.4 |
8,980.8 |
4,020.3 |
105.5 |
-55.2 |
|
7. Project Goods |
841.3 |
2,099.6 |
2,745.2 |
149.6 |
30.7 |
|
B. Mainly Export - Related Items |
14,639.9 |
24,613.0 |
18,267.4 |
68.1 |
-25.8 |
|
1. Pearls, Precious & Semi-Precious Stones |
6,133.9 |
12,624.2 |
8,630.3 |
105.8 |
-31.6 |
|
2. Chemicals, Organic & Inorganic |
6,566.0 |
9,626.5 |
7,555.1 |
46.6 |
-21.5 |
|
3. Textile Yarn, Fabric, etc. |
1,666.5 |
1,884.4 |
1,665.8 |
13.1 |
-11.6 |
|
4. Cashew Nuts, raw |
273.6 |
477.9 |
416.1 |
74.7 |
-12.9 |
|
C. Others |
42,339.7 |
46,669.0 |
40,606.4 |
10.2 |
-13.0 |
|
of which : |
|
|
|
|
|
|
1. Gold & Silver |
13,605.9 |
19,832.9 |
15,382.3 |
45.8 |
-22.4 |
|
2. Artificial Resins & Plastic Materials |
2,413.3 |
2,831.5 |
3,096.3 |
17.3 |
9.4 |
|
3. Professional Instruments etc. except electrical |
1,990.1 |
3,029.4 |
2,344.3 |
52.2 |
-22.6 |
|
4. Coal, Coke & Briquettes etc. |
4,053.9 |
7,648.9 |
5,672.9 |
88.7 |
-25.8 |
|
5. Medicinal & Pharmaceutical Products |
1,119.1 |
1,250.7 |
1,368.2 |
11.8 |
9.4 |
|
6. Chemical Materials & Products |
1,051.5 |
1,555.3 |
1,490.0 |
47.9 |
-4.2 |
|
7. Non-Metallic Mineral Manufactures |
670.2 |
880.0 |
690.8 |
31.3 |
-21.5 |
Total Imports |
163,184.7 |
234,353.0 |
173,950.5 |
43.6 |
-25.8 |
Memo Items |
Non-Oil Imports |
115,587.7 |
157,829.4 |
121,922.5 |
36.5 |
-22.8 |
Non-Oil Imports excl. Gold & Silver |
101,981.8 |
137,996.5 |
106,540.3 |
35.3 |
-22.8 |
Mainly Industrial Inputs* |
93,807.7 |
121,581.6 |
94,428.8 |
29.6 |
-22.3 |
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 |
(US$ million) |
Group / Country |
April-November |
Percentage Variation |
2007-08 |
2008-09 R |
2009-10 P |
(3)/(2) |
(4)/(3) |
1 |
2 |
3 |
4 |
5 |
6 |
I. |
O E C D Countries |
51,952.2 |
74,085.7 |
56,029.4 |
42.6 |
-24.4 |
|
A. E U |
22,567.9 |
31,134.9 |
23,382.6 |
38.0 |
-24.9 |
|
of which: |
|
|
|
|
|
|
1. Belgium |
3,429.1 |
4,778.9 |
3,738.6 |
39.4 |
-21.8 |
|
2. France |
1,704.3 |
3,274.8 |
1,882.7 |
92.2 |
-42.5 |
|
3. Germany |
6,060.6 |
7,911.8 |
6,368.9 |
30.5 |
-19.5 |
|
4. Italy |
2,473.3 |
3,298.8 |
2,346.4 |
33.4 |
-28.9 |
|
5. Netherlands |
1,081.4 |
1,373.2 |
1,319.7 |
27.0 |
-3.9 |
|
6. U K |
3,418.0 |
4,667.1 |
2,784.6 |
36.5 |
-40.3 |
|
B. North America |
10,365.4 |
16,019.9 |
11,481.3 |
54.6 |
-28.3 |
|
1. Canada |
1,279.6 |
1,821.9 |
1,385.6 |
42.4 |
-23.9 |
|
2. U S A |
9,085.8 |
14,198.1 |
10,095.7 |
56.3 |
-28.9 |
|
C. Asia and Oceania |
9,906.5 |
14,491.6 |
11,740.4 |
46.3 |
-19.0 |
|
of which: |
|
|
|
|
|
|
1. Australia |
5,540.3 |
8,461.7 |
7,255.0 |
52.7 |
-14.3 |
|
2. Japan |
4,149.8 |
5,712.0 |
4,162.7 |
37.6 |
-27.1 |
|
D. Other O E C D Countries |
9,112.4 |
12,439.3 |
9,425.1 |
36.5 |
-24.2 |
|
of which: |
|
|
|
|
|
|
1. Switzerland |
7,434.6 |
10,415.3 |
7,844.4 |
40.1 |
-24.7 |
II. |
O P E C |
46,979.8 |
80,210.5 |
54,717.1 |
70.7 |
-31.8 |
|
of which: |
|
|
|
|
|
|
1. Indonesia |
3,119.7 |
4,547.5 |
5,242.8 |
45.8 |
15.3 |
|
2. Iran |
6,694.8 |
9,561.3 |
7,601.9 |
42.8 |
-20.5 |
|
3. Iraq |
3,897.2 |
6,568.9 |
4,581.6 |
68.6 |
-30.3 |
|
4. Kuwait |
4,047.0 |
7,439.4 |
5,125.8 |
83.8 |
-31.1 |
|
5. Saudi Arabia |
11,433.1 |
16,121.5 |
10,052.4 |
41.0 |
-37.6 |
|
6. U A E |
8,375.6 |
19,304.9 |
10,263.5 |
130.5 |
-46.8 |
III. |
Eastern Europe |
2,568.6 |
5,217.5 |
4,201.2 |
103.1 |
-19.5 |
|
of which: |
|
|
|
|
|
|
1. Russia |
1,636.1 |
3,452.7 |
2,629.1 |
111.0 |
-23.9 |
IV. |
Developing Countries |
51,530.6 |
72,827.6 |
57,861.0 |
41.3 |
-20.6 |
|
of which: |
|
|
|
|
|
|
A. Asia |
41,790.7 |
58,739.0 |
45,847.2 |
40.6 |
-21.9 |
|
a) S A A R C |
1,221.4 |
1,347.9 |
1,023.1 |
10.4 |
-24.1 |
|
1. Afghanistan |
60.3 |
83.6 |
70.8 |
38.8 |
-15.4 |
|
2. Bangladesh |
176.7 |
254.5 |
166.5 |
44.0 |
-34.6 |
|
3. Bhutan |
137.0 |
108.4 |
91.6 |
-20.9 |
-15.5 |
|
4. Maldives |
2.7 |
2.9 |
1.3 |
8.2 |
-54.4 |
|
5. Nepal |
344.4 |
373.5 |
311.0 |
8.4 |
-16.7 |
|
6. Pakistan |
194.5 |
274.5 |
172.7 |
41.1 |
-37.1 |
|
7. Sri Lanka |
305.8 |
250.4 |
209.2 |
-18.1 |
-16.5 |
|
b) Other Asian Developing Countries |
40,569.3 |
57,391.2 |
44,824.1 |
41.5 |
-21.9 |
|
of which: |
|
|
|
|
|
|
1. People’s Republic of China |
17,821.2 |
23,824.4 |
19,606.4 |
33.7 |
-17.7 |
|
2. Hong Kong |
1,887.0 |
4,319.7 |
2,725.0 |
128.9 |
-36.9 |
|
3. South Korea |
3,766.1 |
6,562.5 |
5,179.8 |
74.3 |
-21.1 |
|
4. Malaysia |
3,964.9 |
5,449.1 |
3,176.3 |
37.4 |
-41.7 |
|
5. Singapore |
5,107.3 |
5,627.2 |
3,938.3 |
10.2 |
-30.0 |
|
6. Thailand |
1,571.2 |
2,007.3 |
1,882.0 |
27.8 |
-6.2 |
|
B. Africa |
6,176.7 |
10,164.0 |
7,630.2 |
64.6 |
-24.9 |
|
of which: |
|
|
|
|
|
|
1. Benin |
61.2 |
105.5 |
110.1 |
72.5 |
4.4 |
|
2. Egypt Arab Republic |
1,308.4 |
1,400.2 |
1,053.6 |
7.0 |
-24.8 |
|
3. Kenya |
57.6 |
56.2 |
50.4 |
-2.5 |
-10.2 |
|
4. South Africa |
2,489.2 |
4,500.6 |
3,538.9 |
80.8 |
-21.4 |
|
5. Sudan |
198.6 |
332.5 |
288.4 |
67.4 |
-13.3 |
|
6. Tanzania |
58.2 |
87.3 |
128.6 |
50.1 |
47.3 |
|
7. Zambia |
65.6 |
127.0 |
65.4 |
93.8 |
-48.5 |
|
C. Latin American Countries |
3,563.1 |
3,924.6 |
4,383.6 |
10.1 |
11.7 |
V. |
Others |
9,738.8 |
1,248.7 |
428.0 |
-87.2 |
-65.7 |
VI. |
Unspecified |
414.7 |
763.0 |
713.7 |
84.0 |
-6.5 |
Total Imports |
163,184.7 |
234,353.0 |
173,950.5 |
43.6 |
-25.8 |
P: Provisional. R: Revised.
Source: DGCI & S. |
*Prepared in the Division of International Trade, Department of Economic Analysis and Policy. The previous issue of the article was published in RBI Bulletin, June 2010. |
