India’s Foreign Trade: Latest Figures

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MERCHANDISE TRADE

EXPORTS & IMPORTS  : (US $ Million)                                                                                                (Provisional)
EXPORTS (including re-exports) FEBRUARY APRIL-FEBRUARY
2015-16 20845.73 239378.37
2016-17 24490.27 245413.05
% Growth 2016-17/ 2015-16 17.48 2.52
IMPORTS
2015-16 27418.98 353696.36
2016-17 33386.57 340698.43
% Growth 2016-17/ 2015-16 21.76 -3.67
TRADE BALANCE
2015-16 -6573.25 -114317.99
2016-17 -8896.30 -95285.38
EXPORTS & IMPORTS: (Rs. Crore)                                                                                                                            (Provisional)
EXPORTS (including re-exports) FEBRUARY APRIL-FEBRUARY
2015-16 142246.46 1562819.14
2016-17 164269.71 1648743.26
% Growth 2016-17/ 2015-16 15.48 5.50
IMPORTS
2015-16 187100.79 2307259.36
2016-17 223942.06 2289598.48
% Growth 2016-17/ 2015-16 19.69 -0.77
TRADE BALANCE  
2015-16 -44854.33 -744440.22
2016-17 -59672.35 -640855.22


SERVICES TRADE

EXPORTS & IMPORTS (SERVICES) : (US $ Million)
(Provisional) January 2016-17
EXPORTS (Receipts) 13570.00
IMPORTS (Payments) 8409.00
TRADE BALANCE 5161.00
EXPORTS & IMPORTS (SERVICES): (Rs. Crore)
(Provisional) January 2016-17
EXPORTS (Receipts) 92385.10
IMPORTS (Payments) 57248.81
TRADE BALANCE 35136.29
Source: RBI Press Release dated 15th March,2017

The Government has taken following measures to boost export of services and merchandise goods:

(i) It has announced launch of a new scheme for creation of export infrastructure in the budget of 2017-18.

(ii) The Merchandise Exports from India Scheme (MEIS) was introduced in the Foreign Trade Policy (FTP) 2015‐20 on April 1, 2015 and is a major export promotion scheme implemented by the Ministry of Commerce and Industry. MEIS aims to incentivize export of merchandise which is produced/manufactured in India. Rewards @ 2‐5% under MEIS are payble as a percentage of realized FOB value of covered exports, by way of the MEIS duty credit scrip, which are transferable and can also be used for payment of a number of duties including the basic customs duty. At present, 7914 tariff lines at 8 digit HS Codes are covered under MEIS scheme.

(iii) The Government has also launched Services Exports from India Scheme (SEIS) in the FTP 2015‐2020. The Scheme provided rewards to service providers of notified services who are providing service from India. The rate of reward under the scheme would be based on net foreign exchange earned. The present rates of reward are 3% and 5%.

(iv) The Government continues to provide the facility of access to duty free raw materials and capital goods for exports through schemes like Advance Authorization, Duty Free Import Authorization (DFIA), Export Promotion Capital Goods (EPCG) Scheme and drawback /refund of duties.

(v) The Government is implementing the Niryat Bandhu Scheme with an objective to reach out to the new and potential exporters and mentor them through orientation programmes, counselling sessions, individual facilitation, etc., on various aspects of foreign trade for being able to get into international trade and boost exports from India.

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