US exports to India
India’s latest export and import figures for May 2015 reflect the subdued economic scenario both globally and within the country. India’s exports contracted 20.2 per cent to $22.3 billion from what they were in May 2014, while its imports were down 16.5 per cent over the same period.
India’s exports and imports have both contracted for six consecutive months, that is, from December 2014 onwards. Looking at the previous year, the December 2013 to May 2014 period also saw a continuous contraction in imports, except March 2014, which saw a marginal uptick in imports. Exports in this period, however, saw robust growth, especially in March, April and May 2014. To be sure, these trends have more to do with the global economic scenario than internal reasons.
As can be seen in the chart above, India consistently runs a trade deficit—it imports more than it exports. The most recent contraction in exports and imports has led to a fall in India’s trade deficit to $10.4 billion from $11.2 billion in May 2014 and $11 billion in April 2015.
Looking ahead, the consensus is that poor global growth—especially in the US, China, the euro area and Japan—will continue to affect India’s exports detrimentally. Import growth, on the other hand, might bounce back if gold imports continue trending up. Data shows gold import growth has been positive since August 2014.
Gold imports increased 10.5 per cent over their May 2014 figures, but this is far lower than the 78.3 per cent growth seen in April. In fact, in absolute terms, the $2.4 billion of gold imports in May were a three-month low. The increase in the value of gold imports was driven more by volumes than by the price of gold. India imported 63 tonnes of gold in May 2015, up 19 per cent from the May 2014 figures. Gold prices, on the other hand, were down 7 per cent last month.
This scenario is the converse of what happened with oil imports.
Oil imports in May, at $8.5 billion, were 41 per cent lower than what they were in May 2014, marking the eighth straight month of contraction. Unlike in gold, however, this fall in the value of imports was driven by falling prices rather than a dip in volumes imported. As can be seen from the graph above, the growth in imports and exports of oil faithfully follow the price changes.
Weak global and Indian demand didn’t just affect oil and gold, however. India’s exports in many commodities fell in May 2015. Rice exports, for example, contracted 14.6 per cent over their May 2014 level, while the export of other grains contracted a whopping 77.7 per cent. The exports of iron ore and gems & jewellery similarly fell 86 per cent and 12.9 per cent, respectively.
Overall, it is important to note that the ongoing contraction of imports and exports is an indication of subdued global and Indian demand. At the moment, GDP growth in the US is negative, China’s growth has decelerated to a six-year low and the euro area and Japan are seeing only marginal growth.
Within India, although the Index of Industrial Production for May showed a revival in production and therefore demand, the consensus is that demand still has to pick up significantly to bolster any real growth in the economy.hair success fargo how do you define success how do you say success in spanish invitro fertilization success rate iron dome success rate keytruda success rate l5 s1 surgery success rate lake success, ny lumbar radiofrequency ablation success rate parvo treatment success rate positive quotes for success serv u success sleep for success pillow stem cell transplant success rate success group international success has many fathers success images success plural success rate success rate of if already ovulating success short motivational quotes success stories of tinnitus going away sweet success the best revenge is success which of the following is not a key success factor in the country location decision? work hard in silence let success make the noise writing for success success rate by age ablation for afib success rate academic success allergy immunotherapy success rate animal mating success horse another word for success as discussed in class, tide was able to maintain its success over a 30-year time span by: avoidant attachment relationship success before we can evaluate the success of a drug treatment program, we have to understand the program's bible verse about success coca-cola’s advertising strategy has been an international success because cone biopsy success rate director of customer success eleven rings the soul of success estrogen levels and ivf success how to stop being jealous of others success in vitro fertilization success rate iui success rate calculator iui success stories ivf success rates jack canfield success principles key to success quotes lake success golf club lake success zip code lake success, new york laxative weight loss success stories letrozole 2.5 mg success log in success factors mantras for success measuring success motivated for success nrad lake success palmers skin success pcos hair loss regrowth success professional success quest for success quotes about future success reverse vasectomy success rate rowan success network salon success success and failure success and failure quotes success and failure quotes success antonym success breeds success success inspirational quotes for work success mortgage partners success motivators success pics success quotes for students success stories the laws of success unconventional success was the new deal a success or failure weight watcher success what does success look like what is the success rate of cardioversion whole30 success story wishing success quotes agent tools for success artificial insemination success rate best wishes for success bridge to success castor oil at 38 weeks success chemotherapy success rate dua for exam success dua for success in exam executive success program gateway to success jack canfield success principles leg angioplasty success rate lung transplant success rate march to success preseed success rate probability of success quotes about success in life quotes about success in life real estate success reverse vasectomy success rate student academic success center success barbershop success ed success in chinese success rice success stories of tinnitus going away success team success unlimited academy the national society of leadership and success reviews vbac success calculator vbac success rate way of the wolf: straight line selling: master the art of persuasion, influence, and success bachelor success rate customer success specialist dress for success atlanta family success center fresh success smoothie mix levothyroxine weight loss success stories prayer for work success quotes on success in life success affirmations success bible verses success essay success habits success qoutes success rate of cervical epidural steroid injection success verbs synonym success will success spoil rock hunter cochlear implant success rate customer success manager job description dress for success donations egg freezing success rates financial success gastric bypass revision success rate gcu student success center herniated disc surgery success rate inspiration quotes for success iui success rate by age iui success tips ivf success rate ivf success rates under 35 ladder of success road to success quotes senior customer success manager salary social success success coaching success driving school success has many fathers success in french success in high school success is like being pregnant success lion quotes success lion quotes success nutrients success spelling success syn success vision tethered spinal cord surgery success rate topamax and phentermine weight loss success stories 2018 was reconstruction a success or failure 5 day frozen embryo transfer success rates ahcc hpv success 2020 avoidant attachment relationship success bible verses about success bridge to success