India has shown a fairly consistent trend in external trade despite demonetisation, proving that the impact on exports and imports was negligible in comparison to domestic businesses.
Even within the country, civil aviation and foreign tourist arrivals defied note ban woes, though other sectors such as automobiles took a hit in the initial phase before bouncing back.
Passenger traffic volume data released by the civil aviation regulatory showed that the sector posted 25 percent growth in January, 23 percent in December and 22.45 percent, year-on-year.
Foreign tourist arrivals to India rose 16.5 percent in January, 13.6 percent in December and 9.3 percent in November. On an average, foreign tourists spend about $2 billion every month in India.
The automobile sector was one of the major sectors to be impacted, with domestic sales falling 4.17 percent in January, 18.66 percent in December and 5.48 percent in the previous month, year-on-year. Within the auto sector, two-wheeler segment bore the maximum brunt.
The country's foreign exchange reserves stood at $362.79 billion as February 24.
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As already reported, the third quarter GDP growth came in at 7 percent, down from the revised 7.4 percent rate for the previous quarter (July-September 2016), according to the second advance estimates released by the government a few days ago.
The latest estimates by Fitch Rating projected India's GDP growth rate for the current fiscal at 7.1 percent in the Global Economic Outlook released on Tuesday.
Here is a look at the trade data in October last year and the post-demonetisation period (from November). The figures for February are yet to be released by the Union Commerce Ministry.
|Month||Exports (in $ billion)||Imports (in $ billion)||Gold imports (in $ billion)||Trade deficit (in $ billion)|
|January||22.11 (↑ 4.32)||31.95 (↑ 10.70)||2.04 (↓ 29.94)||9.84|
|December||23.88 (↑ 5.72)||34.24 (↑ 0.46)||1.95 (↓ 48.49)||10.36|
|November||20.09 (↑ 2.29)||33.01 (↑ 10.44)||4.36 (↑ 23.24)||13|
|October||23.51 (↑ 9.59)||33.67 (↑ 8.11)||3.50 (↑ 108.3)||10.16|
Source: Union Commerce and Industry Ministry.