Friday, November 21, 2014

Modi Madness

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New energy in India-Australia ties will boost local economies
Hindustan Times
New Delhi, November 18, 2014
First Published: 23:01 IST(18/11/2014)
Last Updated: 00:48 IST(19/11/2014)
Prime Minister Narendra Modi and his Australian counterpart Tony Abbott have scripted a new moment in India-Australia ties putting to rest the fitful gestures of drawing closer in the past.
The reasons for strengthening ties are obvious — New Delhi is interested in Australia’s natural resource exports while Canberra is alert to the promise of India’s vast market for its services. Both countries see themselves as Indian Ocean powers, they are interested in the emerging power-balance in the Asia-Pacific and watch the rise of China with a measure of fascinated ambivalence.
Bilateral ties have hitherto been constrained by slow progress towards the nuclear deal signed this year and a reluctance to be seen as openly balancing against China. But Beijing’s pointed manoeuvres in the South China Sea in recent months and emergence of strong leaders in India and Australia have clearly prompted a rethink.
Mr Modi’s visit provided a festive backdrop to confirming the direction of India-Australia ties. Both countries have agreed on a ‘framework for security cooperation’ that sets out an action plan to consolidate contact among their strategic elites.
In addition to annual summits, India and Australia will have meetings of foreign and defence ministers, senior diplomats, service chiefs, Track 1.5 dialogues, separate consultations on East Asia, regular maritime exercises and high-level dialogue on counter-terrorism, maritime security and cyber security.
India-Australia security cooperation is by no means a zero-sum arrangement since Australia has just signed a free trade deal with China that will add to current trade volumes of $131 billion — but it does show a willingness by Canberra and New Delhi to be clearheaded and unapologetic about exploring strategic convergences with like-minded powers.
The prime minister’s exuberant rhetoric on Australia will have pleased his hosts. In a well-received address to the Australian parliament, Mr Modi memorably underlined that Australia will not be at the periphery of India’s vision “but at the centre of our thought”.
He gestured towards Australia’s strategic importance saying it was at the heart of the Asia Pacific and the Indian Ocean region. Mr Modi went on to say that he saw “Australia as a major partner in every area of our national priority” including infrastructure, skills, education, agriculture energy, manufacturing, finance and technology and exhorting them to invest in India’s growth project. India, he said, will be the answer to Australia’s search for new economic opportunities and its desire for a more diversified global economic engagement. The India-Australia relationship will now be one to look out for in the fast evolving Asia Pacific region.
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SiDevilIam • a minute ago
My dear ‘sampadak sahibji,’ I provided few dots. Your editorial and artistic talents may be used to draw me a nice picture. Modi must be in the center of ‘Hindu Vishva’ and Abbott guy at the very end of the world. I could have done a better job but I have better things to do than pen a silly editorial.
…and I am Sid Harth
  • Avatar
    SiDevilIam • 12 minutes ago
    Energy and power
    Main article: Electricity sector in India
    As of 2010, India imported about 70% of its crude oil requirements.[144] Shown here is an ONGC platform at Mumbai High in the Arabian Sea, one of the sites of domestic production.
    As of 2009, India is the fourth largest producer of electricity and
    oil products and the fourth largest importer of coal and crude-oil in
    the world.[145] Coal and oil together account for 66% of the energy consumption of India.[146]
    India’s oil reserves meet 25% of the country’s domestic oil demand.[147][148]
    As of 2012, India’s total proven oil reserves of 5.5 million barrels
    (870 million litres), while gas reserves stood at 43,800 million cubic
    feet (1,240 million cubic metres).[149] Oil and natural gas fields are located offshore at Mumbai High, Krishna Godavari Basin and the Cauvery Delta, and onshore mainly in the states of Assam, Gujarat and Rajasthan.[150] India is the fourth largest consumer of oil in the world and imported 726386 crore (US$120 billion) worth of oil in 2011-12,[151] which had an adverse effect on its current account deficit. The petroleum industry in India mostly consists of public sector companies such as Oil and Natural Gas Corporation (ONGC), Hindustan Petroleum Corporation Limited (HPCL), Bharat Petroleum Corporation Limited (BPCL) and Indian Oil Corporation Limited (IOCL). There are some major private Indian companies in the oil sector such as Reliance Industries Limited (RIL) which operates the world’s largest oil refining complex.[152]
  • Avatar
    SiDevilIam • 13 minutes ago
    Industry
    Industry accounts for 26% of GDP and employs 22% of the total workforce.[107]
    According to the World Bank, India’s industrial manufacturing GDP
    output in 2012 was 10th largest in the world on current US dollar basis
    ($239.5 billion),[108] and 9th largest on inflation adjusted constant 2005 US dollar basis ($197.1 billion).[109]
    The Indian industrial sector underwent significant changes as a result
    of the economic liberalisation in India economic reforms of 1991, which
    removed import restrictions, brought in foreign competition, led to the
    privatisation of certain government owned public sector industries,
    liberalised the FDI regime, improved infrastructure and led to an expansion in the production of fast moving consumer goods.[110]
    Post-liberalisation, the Indian private sector was faced with
    increasing domestic as well as foreign competition, including the threat
    of cheaper Chinese imports. It has since handled the change by
    squeezing costs, revamping management, and relying on cheap labour and
    new technology. However, this has also reduced employment generation
    even by smaller manufacturers who earlier relied on relatively
    labour-intensive processes.[111]
    Avatar
    SiDevilIam • 15 minutes ago
    India ranks second
    worldwide in farm output. Agriculture and allied sectors like forestry,
    logging and fishing accounted for 17% of the GDP and employed 51% of
    the total workforce in 2012. As Indian economy has diversified and
    grown, agriculture’s contribution to GDP has steadily declined from 1951
    to 2011, yet it is still the largest employment source and a
    significant piece of the overall socio-economic development of India.[100]
    Crop yield per unit area of all crops have grown since 1950, due to the
    special emphasis placed on agriculture in the five-year plans and
    steady improvements in irrigation, technology, application of modern
    agricultural practices and provision of agricultural credit and
    subsidies since the Green Revolution in India. However, international
    comparisons reveal the average yield in India is generally 30% to 50% of
    the highest average yield in the world.[101]
    Indian states Uttar Pradesh, Punjab, Haryana, Madhya Pradesh, Andhra
    Pradesh, Bihar, West Bengal, Gujarat and Maharashtra are key
    agricultural contributing states of India.
    Source: HT

India Balance of Trade 1957-2014 | Data | Chart | Calendar | Forecast

India recorded a trade deficit of 13350 USD Million in October of 2014. Balance of Trade in India averaged -1910.26 USD Million from 1957 until 2014, reaching an all time high of 258.90 USD Million in March of 1977 and a record low of -20210.90 USD Million in October of 2012. Balance of Trade in India is reported by the Ministry of Commerce and Industry, India.



 Actual Previous Highest Lowest Dates Unit Frequency

-13350.00 -14247.42 258.90 -20210.90 1957 – 2014 USD Million Monthly
India has been recording sustained trade deficits since 1980 mainly due to the high growth of imports, particularly of crude oil, gold and silver. In recent years, the biggest trade deficits were recorded with China, Saudi Arab, Iraq, Switzerland and Kuwait. India records trade surpluses with US, Singapore, Germany, Netherlands and United Kingdom. This page provides – India Balance of Trade – actual values, historical data, forecast, chart, statistics, economic calendar and news. Content for – India Balance of Trade – was last refreshed on Friday, November 21, 2014.
Calendar GMT Event Actual Previous Consensus Forecast (i)
2014-09-15 12:45 PM
Balance of Trade  Aug 2014
 $ -10.84B $ -12.23B $-11.90B $ -11.9B
2014-10-14 01:45 PM
Balance of Trade  Sep 2014
 $ -14.25B $ -10.84B $ -11.2B $ -11.2B
2014-11-17 09:00 AM
Balance of Trade  Oct 2014
 $ -13.35B $ -14.25B
$ -12.9B
2014-12-15 08:00 AM
Balance of Trade  Nov 2014
$ -13.35B
$ -13.3B


India Trade Last Previous Highest Lowest Unit
Balance of Trade -13350.00 -14247.42 258.90 -20210.90 USD Million [+]
Exports 26100.00 28903.28 30541.44 59.01 USD Million [+]
Imports 39400.00 43150.70 45281.90 117.40 USD Million [+]
Current Account -7.80 -1.20 7.36 -31.86 USD Billion [+]
Current Account to GDP -1.70 -4.70 1.50 -4.70 percent [+]
External Debt 440614.00 390048.00 440614.00 75858.00 USD Million [+]
Terms of Trade 60.20 61.90 100.00 60.20 Index Points [+]
Foreign Direct Investment 3577.00 2514.00 5670.00 -60.00 USD Million [+]
Remittances 8812.42 9574.31 10010.16 5999.10 USD Million [+]
Tourist Arrivals 656000.00 495000.00 800000.00 129286.00
[+]
Gold Reserves 557.75 557.75 557.75 357.75 Tonnes [+]
Crude Oil Production 757.00 778.00 813.00 526.00 BBL/D/1K [+]

Australia’s trade in goods and services 2013

Australia’s trade in goods and services by top ten partners, 2013 (a)

Australia’s top 10 export markets (b) (A$ million)

Goods Services Total % share Rank
China 94,655 6,881 101,536 31.9 1
Japan 47,501 1,991 49,492 15.5 2
Republic of Korea 19,610 1,675 21,285 6.7 3
United States 9,580 5,951 15,531 4.9 4
India 9,517 1,921 11,438 3.6 5
New Zealand 7,399 3,626 11,025 3.5 6
Singapore 5,659 3,549 9,208 2.9 7
Taiwan 7,356 704 8,060 2.5 8
United Kingdom 3,859 3,982 7,841 2.5 9
Malaysia 5,561 1,664 7,225 2.3 10
Total exports 263,467 55,175 318,642 100.0
of which:

APEC 218,976 33,265 252,241 79.2

ASEAN 10 25,022 8,932 33,954 10.7

European Union 28 (c) 13,009 9,069 22,078 6.9

OECD 101,163 24,510 125,673 39.4
Australia’s top 10 import sources (d)

Goods Services Total % share Rank
China 47,250 2,079 49,329 15.0 1
United States (e) 26,681 12,430 39,181 11.9 2
Japan 18,914 2,307 21,221 6.5 3
Singapore 12,933 4,943 17,878 5.4 4
Thailand 11,393 2,439 13,832 4.2 5
Germany 11,428 1,665 13,099 4.0 6
United Kingdom 6,195 5,848 12,044 3.7 7
Malaysia 9,480 1,464 10,944 3.3 8
Republic of Korea 10,168 646 10,813 3.3 9
New Zealand 7,401 3,131 10,532 3.2 10
Total imports 258,936 69,870 328,806 100.0
of which:

APEC (e) 170,654 38,348 209,002 63.6

ASEAN 10 45,405 13,207 58,612 17.8

European Union 28 (c) 42,437 14,824 57,261 17.4

OECD (e) 115,170 36,602 151,772 46.2
Australia’s top 10 two-way trading partners (b) (d)

Goods Services Total % share Rank
China 141,905 8,960 150,865 23.3 1
Japan 66,415 4,298 70,713 10.9 2
United States (e) 36,261 18,381 54,642 8.4 3
Republic of Korea 29,778 2,321 32,099 5.0 4
Singapore 18,591 8,492 27,083 4.2 5
New Zealand 14,800 6,757 21,557 3.3 6
United Kingdom 10,054 9,830 19,884 3.1 7
Thailand 16,301 3,243 19,544 3.0 8
Malaysia 15,042 3,128 18,170 2.8 9
Germany 13,361 2,759 16,120 2.5 10
Total two-way trade 522,403 125,045 647,448 100.0
of which:

APEC (e) 389,514 71,613 461,127 71.2

ASEAN 10 70,158 22,139 92,297 14.3

European Union 28 (c) 55,445 23,893 79,338 12.3

OECD (e) 216,437 61,112 277,549 42.9

Notes

  • (a) All data is on a balance of payments basis, except for goods by country which are on a recorded trade basis.
  • (b) Excludes selected confidential export commodities from June 2013 onwards for Singapore as well as for the country groups.
  • (c) Services data is EU28 from Sep 2013.
  • (d) Excludes selected confidential import commodities (mainly aircraft imports) from Sep 2008 onwards except for the United States (see footnote (e)). This affects import totals for France and EU28.
  • (e) Based on unpublished ABS data and includes actual imports for the United States only. Actual export/import data based on unpublished ABS data. Based on DFAT STARS database, ABS catalogues 5368.0 (Jun 2014) & 5368.0.55.004 and unpublished ABS data.
  • Last updated 7 August 2014.
Download Australia’s trade in goods and services by top ten partners, 2013 [PDF 135 KB]

Australia’s top 25 imports, goods and services, 2013

Australia’s top 25 imports, goods and services (A$ million) (a) (b)

  % growth
Rank Commodity 2011 2012 2013 2012 to 2013 5 year trend

Total (c) 301,423 324,026 328,806 1.5 4.0
1 Personal travel (excl education) services 22,550 22,437 24,725 10.2 5.6
2 Crude petroleum 20,827 21,567 20,227 -6.2 7.6
3 Passenger motor vehicles 14,159 16,919 18,290 8.1 6.1
4 Refined petroleum 14,306 15,871 18,229 14.9 7.8
5 Freight transport services 8,363 9,228 9,348 1.3 0.3
6 Telecom equipment & parts 8,323 8,746 9,068 3.7 6.0
7 Medicaments (incl veterinary) 8,530 8,201 7,831 -4.5 2.9
8 Computers 6,634 6,777 6,943 2.4 4.3
9 Passenger transport services (d) 6,389 6,901 6,839 -0.9 3.0
10 Goods vehicles 6,153 8,562 6,436 -24.8 5.7
11 Technical & other business services 4,733 5,107 6,182 21.0 4.9
12 Professional services 2,678 3,631 5,050 39.1 10.3
13 Gold 6,396 5,841 4,796 -17.9 -13.3
14 Charges for intellectual property 3,982 4,044 3,992 -1.3 3.1
15 Business travel services 2,992 3,493 3,574 2.3 0.9
16 Civil engineering equipment & parts 4,264 6,822 3,464 -49.2 6.9
17 Heating & cooling equipment & parts 2,173 2,265 3,212 41.8 6.5
18 Furniture, mattresses & cushions 2,780 2,905 3,176 9.3 2.8
19 Pumps (excl liquid pumps) & parts 1,726 2,418 3,172 31.2 2.2
20 Vehicle parts & accessories 2,648 2,932 2,797 -4.6 2.9
21 Measuring & analysing instruments 2,635 2,950 2,774 -6.0 0.3
22 Rubber tyres, treads & tubes 2,672 3,053 2,748 -10.0 10.4
23 Electrical machinery & parts, nes 2,509 2,608 2,725 4.5 2.7
24 Iron, steel, aluminium structures 1,550 1,889 2,647 40.1 33.0
25 Mechanical handling equip & parts 1,987 2,541 2,579 1.5 6.8
Analytical industry series

% growth

2011 2012 2013 2012 to 2013 5 year trend
Education (e) 1,041 1,218 1,189 -2.4 6.4

2010-11 2011-12 2012-13 2011-12 to 2012-13 5 year trend
Tourism (f) 30,561 32,157 32,122 -0.1 4.4

Notes

  • (a) Goods trade are on a recorded trade basis, Services trade are on a balance of payments basis.
  • (b) Please note – imports of aircraft were made confidential by the ABS from Sep-08 onwards. Imports of aircraft would rank in Australia’s top 25 imports. DFAT estimates that aircraft imports were valued at around $3.8 billion in 2013.
  • (c) Balance of payments basis.
  • (d) Includes Related agency fees &commissions.
  • (e) Educationincludes Education-related travel services, Royalties on education services and Other education services.
  • (f) Tourism is based on the ABS Tourism Satellite Account (TSA) and is only available on a financial year basis.
  • Based on ABS trade data on DFAT STARS database and ABS catalogue 5368.0 (June 2014).
  • Last updated 11/08/2014
Download Australia’s top 25 imports, goods and services, 2013 [PDF 131 KB]

Australia’s top 25 exports, goods and services, 2013 (a)

Australia’s top 25 exports, goods and services, (A$ million) – (a)

% growth
Rank Commodity 2011 2012 2013 2012 to 2013 5 year trend

Total (b) 313,078 300,436 318,539 6.1 4.1
1 Iron ores & concentrates 64,097 54,447 69,492 27.6 19.4
2 Coal 46,691 41,273 39,805 -3.6 -1.6
3 Education-related travel services (c) 15,144 14,467 15,020 3.8 0.1
4 Natural gas 11,084 13,416 14,602 8.8 12.6
5 Gold 15,077 15,526 13,898 -10.5 -0.0
6 Personal travel (excl education) services 11,661 12,148 13,115 8.0 1.6
7 Crude petroleum 11,451 10,988 9,016 -17.9 2.0
8 Wheat 6,076 6,531 6,085 -6.8 11.1
9 Aluminium ores & conc (incl alumina) 5,443 5,273 5,904 12.0 -0.4
10 Beef f.c.f. 4,684 4,754 5,695 19.8 3.0
11 Copper ores & concentrates 5,437 5,255 5,192 -1.2 6.9
12 Professional services 3,259 3,836 4,562 18.9 4.6
13 Other ores & concentrates (d) 4,544 4,217 4,486 6.4 4.2
14 Business travel services 3,573 4,031 3,954 -1.9 9.6
15 Technical & other business services 3,452 3,555 3,877 9.1 1.2
16 Aluminium 4,657 3,774 3,675 -2.6 -6.7
17 Copper 3,861 3,349 3,373 0.7 3.0
18 Medicaments (incl veterinary) 3,278 3,849 3,085 -19.8 -1.9
19 Meat (excl beef), f.c.f. 2,375 2,370 2,884 21.7 5.0
20 Refined petroleum 2,938 3,271 2,743 -16.1 -0.1
21 Wool & other animal hair (incl tops) 2,837 2,524 2,608 3.3 5.4
22 Cotton 2,537 2,626 2,604 -0.8 51.0
23 Oil-seeds & oleaginous fruits, soft 1,287 1,780 2,516 41.3 44.6
24 Financial services 1,289 1,627 2,468 51.7 9.1
25 Other transport services (e) 2,233 2,268 2,367 4.4 1.1
Analytical industry series

% growth

2011 2012 2013 2012 to 2013 5 year trend
Education (e) 15,723 15,018 15,591 3.8 0.2

2010-11 2011-12 2012-13 2011-12 to 2012-13 5 year trend
Tourism  (f) 25,085 25,511 26,962 5.7 3.5

Notes

  • (a) Goods trade are on a recorded trade basis, Services trade are on a balance of payments basis.
  • (b) Balance of payments basis.
  • (c) Includes student expenditure on tuition fees and living expenses.
  • (d) Other ores & concentrates consists mainly of Lead, Zinc and Manganese ores & concentrates.
  • (e) Other transport services exp orts covers a range of services provided in Australian airports and ports, including Cargo & baggage handling services, Agents fees associated with freight transportation and Airport & port charges.
  • (f) Education includes Education-related travel services, Royalties on education services and Other education services.
  • (g) Tourism is based on the ABS Tourism Satellite Account (TSA) and is only available on a financial year basis.
  • Based on ABS trade data on DFAT STARS database and ABS catalogue 5368.0 (June 2014).
  • Last updated 11/08/2014
Download Australia’s top 25 exports, goods and services, 2013 [PDF 131 KB]

Archives

Australia’s trade balance to September 2014

Trade balance, seasonally-adjusted and as a trend, A$ million
Date Balance on goods and services (seasonally-adjusted) Balance on goods and services (as a trend)
1/09/2014 -2,261 -1,850
1/08/2014 -1,013 -1,800
1/07/2014 -1,244 -1,653
1/06/2014 -1,758 -1,424
1/05/2014 -1,986 -1,037
1/04/2014 -1,136 -504
1/03/2014 563 40
1/02/2014 1,436 434
1/01/2014 734 573
1/12/2013 -51 389
1/11/2013 -281 -16
1/10/2013 -628 -443
1/09/2013 -564 -738
1/08/2013 -944 -861
1/07/2013 -1,616 -869
1/06/2013 -546 -848
1/05/2013 -609 -832
1/04/2013 -997 -888
1/03/2013 -830 -1,067
1/02/2013 -1,348 -1,365
1/01/2013 -1,914 -1,725
1/12/2012 -1,637 -2,062
1/11/2012 -2,953 -2,284
1/10/2012 -2,228 -2,346
1/09/2012 -2,297 -2,212
1/08/2012 -2,061 -1,947
1/07/2012 -1,905 -1,640
1/06/2012 -999 -1,449
1/05/2012 -1,105 -1,423
1/04/2012 -1,176 -1,488
1/03/2012 -2,117 -1,495
1/02/2012 -1,211 -1,343
1/01/2012 -2,517 -942
1/12/2011 808 44
1/11/2011 663 688
1/10/2011 953 1,198
1/09/2011 1,173 1,466
1/08/2011 2,043 1,536
1/07/2011 670 1,440
1/06/2011 1,072 1,550
1/05/2011 1,638 1,361
1/04/2011 1,372 1,163
1/03/2011 1,585 1,030
1/02/2011 -472 993
1/01/2011 1,006 1,014
1/12/2010 1,239 1,357
1/11/2010 1,485 1,471
1/10/2010 1,406 1,589
1/09/2010 1,298 1,653
Graph: Australia's trade balance to September 2014.
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