1.5 Developments in Trade 1.5.1 Composition of trade in goods -
Exports increased from US$251.1 billion in 2010-11 to US$314.4 billion in 2013-14, although in 2012-13 they decreased slightly over 2011-12. Over the review period, the share of vegetable products, mineral products, chemicals, and textiles and textile articles increased, while the share of precious stones and metals, and pearls decreased. Petroleum and mineral products and precious stones and metals are the main components of Indian exports, followed by textiles and textile articles (Table A1.1 and Chart 1.1).
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In 2013-14, imports totalled US$450.2 billion, up from US$369.8 billion in 2010-11. In 2013-14, petroleum and mineral products represented around 42% of India's total imports, followed by machinery and electrical equipment, precious stones and metals, and chemicals (Table A1.2).
1.5.2 Direction of trade in goods -
In 2013-14, India's main export markets were the EU28, followed by the United States and the United Arab Emirates (Table A1.3 and Chart 1.2). India's main sources of imports were China, the EU28, the Kingdom of Saudi Arabia, and the United Arab Emirates (Table A1.4). During the period under review, the share of the United States and Africa as India's export destinations increased while that of EU28 and the United Arab Emirates decreased. As regards the origin of India's imports, although China and the EU28 are still major exporters to India, the share of the Kingdom of Saudi Arabia has been increasing.
1.5.3 Trade in services -
India is a net exporter of services. The services trade surplus as a percentage of GDP increased from 2.6% in 2010-11 to 3.9% in 2013-14, mainly owing to growth in exports (receipt) of computer, information, and telecommunications, and other businesses services. On the other hand, imports (payment) of charges for use of imports of intellectual property increased substantially up until 2012-13; it decreased by 12% in 2013-14.
Chart 1.1 Product composition of merchandise trade by HS section, 2010/11 and 2013/14
Source: WTO calculations, based on Department of Commerce online information, "Export Import Data Bank".
Chart 1.2 Direction of merchandise trade, 2010/11 and 2013/14
Source: WTO calculations, based on Department of Commerce online information, "Export Import Data Bank".
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India has benefited from large inflows of capital during the period under review, both in the form of portfolio investment and as foreign direct investment (FDI). Annual FDI inflows grew from US$34.8 billion in 2010-11 to US$36.0 billion in 2013-14, although these are lower than a recent peak of US$46.6 billion in 2011-12.
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FDI inflows have been strong in services including financial, banking, insurance, business, outsourcing, R&D, courier, and technical services, and the automobile industry and telecommunications (Table 1.5).
Table 1.5 Foreign direct investment inflows/outflows, by economic activity, 2010-15a
(US$ million)
|
2010-11
|
2011-12
|
2012-13
|
2013-14
|
2014-15 (up to December 2014)
|
Total FDI inflows
|
34,847
|
46,556
|
34,298
|
36,046
|
31,853
|
|
(% of FDI equity inflows)
|
Servicesb
|
15.4
|
14.9
|
21.6
|
9.2
|
10.9
|
Automobile industry
|
6.1
|
2.6
|
6.9
|
6.2
|
7.5
|
Telecommunications
|
7.8
|
5.7
|
1.4
|
5.4
|
12.7
|
Drugs and pharmaceuticals
|
1.0
|
9.2
|
5.0
|
5.3
|
5.8
|
Construction
|
7.8
|
9.0
|
6.0
|
5.0
|
3.4
|
Computer software and hardware
|
3.7
|
2.3
|
2.2
|
4.6
|
4.6
|
Power
|
6.0
|
4.7
|
2.4
|
4.4
|
2.7
|
Chemicals (other than fertilizers)
|
11.0
|
11.5
|
1.3
|
3.6
|
2.6
|
Metallurgical industries
|
5.1
|
5.1
|
6.5
|
2.3
|
1.2
|
Hotel and tourism
|
1.4
|
2.8
|
14.5
|
2.0
|
2.8
|
Total outflows, net
|
17,195
|
10,892
|
7,134
|
9,199
|
..
|
.. Not available.
a Financial years.
b Including financial, banking, insurance, business, outsourcing, R&D, courier, technical
Note: Percentages are based FDI equity inflows only, taken from the Department of Industrial Policy and Promotion.
Source: Reserve Bank of India and Department of Industrial Policy and Promotion online information, and information provided by the Indian authorities.
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Between 2010-11 and 2013-14, Mauritius was the largest source of FDI, followed by Singapore, except in 2013-14 (Table 1.6). It would appear that part of these large flows may result from the advantages of the tax treaty between Mauritius and India, which may make it attractive for investors to route their investment through Mauritius to take advantage of the preferential provisions, which include exemption from capital gains tax. Other major sources during the period under review are the United Kingdom, the Netherlands, and Japan.
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India's total net FDI outflows decreased from US$17.2 billion in 2010-11 to US$9.2 billion in 2013-14.
Table 1.6 Foreign direct investment inflows/outflows (country-wise), 2010-15a
(US$ million)
|
2010-11
|
2011-12
|
2012-13
|
2013-14
|
2014-15 (up to December 2014)
|
Total inflows, net
|
34,847
|
46,556
|
34,298
|
36,046
|
31,853
|
FDI equity inflow
|
21,383
|
35,120
|
22,424
|
24,299
|
21,045
|
|
(% of FDI equity inflows only)
|
Singapore
|
8.0
|
15.0
|
10.3
|
24.6
|
20.5
|
Mauritius
|
32.7
|
28.3
|
42.4
|
20.0
|
28.0
|
United Kingdom
|
12.7
|
22.4
|
4.8
|
13.2
|
4.9
|
Netherlands
|
5.7
|
4.0
|
8.3
|
9.3
|
12.3
|
Japan
|
7.3
|
8.5
|
10.0
|
7.1
|
6.8
|
Germany
|
0.9
|
4.6
|
3.8
|
4.3
|
3.7
|
United States
|
5.5
|
3.2
|
2.5
|
3.3
|
7.0
|
Cyprus
|
4.2
|
4.5
|
2.2
|
2.3
|
2.3
|
France
|
3.4
|
1.9
|
2.9
|
1.3
|
2.7
|
Total outflows, net
|
17,195
|
10,892
|
7,134
|
9,199
|
..
|
.. Not available.
a Financial years.
Note: Percentages are based FDI equity inflows only, taken from the Department of Industrial Policy and Promotion.
Source: Reserve Bank of India and Department of Industrial Policy and Promotion online information, and information provided by the Indian authorities.
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