GBE PROJECT

COUNTRY RISK ANALYSIS USA

15-02-2017

GROUP MEMBERS:

SRI KRISHNA (16DM226)

SUGANDHA
SHARMA(16DM227)
TANYA KHANNA(16DM238)
VARUN
KANNAN(16DM246)
VIDYA
MAHADEVAN(16DM249)
Indo- US Relations:

Brief History:
India is the worlds ninth largest economy but only the 18th largest export
market for U.S. goods, behind Switzerland and the United Arab Emirates. This
stands in contrast to progress across other areas of the U.S.-India relationship
over the last decade. Since independence from the British, India has been a
relatively minor player in the international economy, reflecting Indias
orientation that placed a premium on developing domestic means of production.
While one of the original parties to the General Agreement on Tariffs and Trade
(GATT) 1948. Indias record in multilateral trade negotiations has largely been
obstructionist, and its FTAs have reflected low levels of ambition.
While India has been discarding non-alignment as an organizing foreign policy
principle, its approach to trade has not fundamentally evolved. The U.S.-India
economic relationship has also been riddled with challenges. The United States
has had a range of market access issues as well as specific concerns over Indian
protection of intellectual property rights. For India, greater access for its people
to work in the U.S. market has been a key objective.

The US is Indias number one export destination it accounted for 15.37 per
cent of Indias total export market in 2015-16. While India exported $40.33
billion of goods to US, it imported just $21.81 billion of goods from there.

The top three categories of products exported to US from India were precious
stones, textiles and pharmaceutical products.

In the past, the United States had virtually no defence ties with India. Today,
apart from a renewed Defence Framework Agreement, the U.S. has become a
large supplier of defence equipment to India, and even the biggest in the last
few years, with contracts worth almost $13 billion. In addition, the largest
number Indian joint military exercises are with the United States.
When it comes to deepening bilateral economic relations between the two
countries, progress has been mixed. For one thing, U.S. businesses remain
reluctant to invest in India because of their beliefs that the Indian government
has not yet delivered on promises to ease doing business in India including
taxation issues, and implement general economic reforms in the country.
Nevertheless, the IT sector has brought the knowledge economies of India and
the United States closer together and it constitutes the strongest link Washington
has with the drivers of Indias modernization and innovation. However, the
United States is unfortunately targeting this sector with higher visa costs and
increased restrictions.
The United States is the world leader in services exports and runs a growing
surplus in services trade. India also has an increasingly sophisticated services
sector which supports a services trade surplus with the United States, worth
almost $5.8 billion in 2015. For instance, India is the largest exporter of
computer and data processing services to the United States and India-based Tata
Consultancy Services is the worlds largest computer services firm.
Donald Trump as US President
The election of Donald Trump as US President may bring some level of
uncertainty in the Indo-US trade relations due to the conflicting stances he took
during the campaigning. While negotiating for a separate bilateral treaty with
the US may bring some positives for India, Trumps focus on protectionism may
affect the trade relationship.
America's trade deficit with India was $1.8 billion in November 2016, much
lower than China ($28.4 billion), Japan ($5.7 billion), Mexico ($5.7 billion) and
Germany ($5.3 billion) according to provisional data published by the US
Bureau of Economic Analysis on January 6, 2017.
This suggests India will not be the foremost in the US' protectionist radar. But
the bigger stickling point will be service trade flows, as US and Canada make
up for 60% of India's software exports.
Remittances and service trade receipts from the US make up close to 2.8% of
(India's) GDP, playing an important role for the balance of payment dynamics.
A study by Pew Research Center said that remittances by NRIs living in the US
stood at $11 billion in 2015 out of the overall remittance of $69 Billion across
the world by NRIs.
The visa restrictions can therefore further lead to disruption by dropping of
remittances from US.
Indians are the front runners of cutting edge technology companies in the US
and have proved their contribution in sustaining big businesses there through
employment generation. Incidentally, some of the biggest US-based technology
firms such as Google, Adobe and Microsoft are led by Indian Americans.

Furthermore, Trump during his presidential campaign had clearly pronounced

suspicion towards China and its skewed trade policies. In case the Trump
administration decides to take a tough stand on China, Indo-US ties can
experience a new surge. This will have a positive impact on the trade and
economic ties as well. If tensions with China spirals into an issue that affects
trade between China and the US, that could be to the advantage of Indian
manufacturing and trade, as the US turns to India instead.

Agreements and Issues:

In 2015, a group of 12 Pacific Rim nations led by the United States signed the
mega Trans Pacific Partnership (TPP), a regional trade agreement which is
expected to set higher standards for trade in goods and Services. Apart from this
there is a large regional trade and investment partnership between the US and
the European Union. The TPP may challenge Indias industry in many ways.
Firstly, it will erode existing preferences for Indian products in established
traditional markets such as the US benefitting those who are partners to these
agreements. Secondly, they are likely to develop a rules architecture which will
place a greater burden of compliance on Indias manufacturing and services
standards for access to the markets of the participating countries.

India has a total import value of USD 359.14 billion. USA is the second major
Country that India imports from. The Import from USA had increased by 14%
this year. Highly imported products are unwrought metals and parts of airplanes
and helicopters. These two account to nearly 25% of the total imports from
USA.

India has a total Export value of USD 263.34 billion. USA is Indias Major
Exporter and exports have considerably increased by 26.7% when compared to
the last year. Highly exported products are Jewellery, Medicine, Diesel and sea
food. All of these account to nearly 40% of the total exports to USA.

India-US Commercial Dialogue: The India US Commercial Dialogue (CD)

was signed on March 23, 2000. The dialogue is an institutional arrangement
between US DoC and Department of Commerce and is aimed at facilitating
trade and maximizing investment opportunities across a broad range of
economic sectors, including IT, infrastructure, biotechnology and services. The
Commercial Dialogue arrangement is reviewed every two years.
Foreign investments in India: USA investment in India has increased over the
years and currently stands $38.07 billion in 2016. USA is the third Major
investor after Singapore and Mauritius. U.S. direct investment in India is led by
professional, scientific, technical services, manufacturing finance/insurance, and
the information sectors.

India direct investment in the U.S. is primarily concentrated in the professional,

scientific, and technical services, and banking sectors.

Latest Trade Policy Forum meeting: Trade ministers of India and USA
discussed various issues with an aim to ramp up trade and investment between
the two countries.

During this time period, the Ministers acknowledged that India issued a
National Intellectual Property Policy, liberalized foreign direct investment (FDI)
in various sectors, and reduced customs processing time, and that the United
States ratified the Defend Trade Secrets Act, and advanced implementation of
its single window.

Sharing a desire to increase bilateral trade in goods and services, the two
governments reviewed substantive progress achieved in deepening bilateral
trade and investment in 2016, and discussed planned engagement for 2017
which can further promote economic growth and job creation in both India and
the United States. Minister Sitharaman and Ambassador Froman discussed and
exchanged views on a range of trade and investment issues, in particular, (i)
Agriculture, (ii) Trade in Services and Trade in Goods, (iii) Promoting
Investment in Manufacturing, and (iv) Intellectual Property.

Next Step:

In conclusion, Minister Nirmala Sitharaman and Ambassador Froman expressed

satisfaction with the discussions held during the tenth round of the TPF and
reiterated their mutual commitment to strengthening bilateral cooperation in
trade and investment. Ambassador Froman thanked Minister Sitharaman for
hosting the tenth round of the TPF in Delhi. They proposed to convene the
eleventh round of the TPF in the United States in 2017.
Political Party System:

American democracy is dominated by just two parties The Democrats and

The Republicans. Indian democracy is dominated by several parties, around
five of them. In the US, the two parties enjoy national popularity but in Indian
democracy apart from two parties, the rest are mostly regional parties. In
American democracy the two parties have sound ideological base while in
Indian politics ideological affiliations are rather vague. Finally Indian parties are
mostly dominated by individuals of one family.

Regional Interests vs National Interests

In India, all interests are regional interests. The people vote for MPs and not for
governors or chief ministers or for prime ministers. People vote for either the
parties or for some local MP.

During federal level elections presidential and senators the people of

United States choose candidates based on national interest policies.

Relationship based on political and cultural:

Modi reminded us that former Indian Prime Minister Atal Bihari Vajpayee had
termed India and the United States natural allies a decade and a half ago, in
2000. And it is in that spirit of being natural allies, Modi stated that the U.S.-
India relationship is sailing into new welcoming waters, with the hurdles of the
past left behind.

Modi was referring to the fact that India-U.S. relationship had not always been
easy, as India was viewed by Washington as tilting toward the Soviet Union
during the Cold War. At the same time, the close U.S. relationship with Pakistan
was viewed by India as detrimental to Indian interests. Many in the United
States could not see much potential in an India that was poor and under-
developed in 1947. Indias stance of non-alignment and strategic autonomy
created further hurdles, as most policymakers in the United States could not
understand what was meant by being non-aligned or what the term strategic
autonomy really amounted to. India, on the other hand, was suspicious of
American intentions, and wary of overt American influence in Indias internal
affairs and foreign policy. Given the power differential between the United
States and India, India was apprehensive that lurking in an interdependence
rhetoric was an aspect of American dominance, in which U.S. interests in the
world would overshadow Indias own interest and foreign policy choices.
Fast forward to the present, and there are several reasons why that past should
no longer influence the decisions of today. First of all, the confining structures
of the Cold War are dismantled. Ideological differences, therefore, no longer
dictate foreign policy choices as much as they did during that period.

Second, a closer U.S.-India relationship is beneficial for the world, as both

political systems are based on democratic representation and animated by
liberty, equality, and freedom of expression.

Third, the new security challenges, like defending the freedom of Sea Lanes of
Communications (SLOCs), especially given Chinas growing assertiveness with
regard to its maritime space, have provided the much needed urgency for both
the United States and India to deepen their security relationship.

Fourth, the issue of terrorism is a common concern shared by the United States
and India. Both countries have been affected deeply by terrorist attacks; Modi
reiterated the significance of security cooperation between the U.S and India to
fight terrorism, especially to deter the goals of groups like ISIS to spread their
extremist ideology.

From the U.S. perspective, to have India as a trusted partner and ally is
advantageous to its overall grand strategy. First, India with a population of 1.2
billion, living within a democratic set up, is politically structured to resonate
with American values of democracy, individual liberty, and freedom.
Henceforth, if America hopes to see a world with democratic values spreading,
having India as a partner is definitely a force multiplier.

Second, India is fast emerging as an economic powerhouse and a military

power. By 2030, India is projected to be the third largest economy in the world,
with a projected GDP of $10 trillion, behind the United States GDP ($33
trillion) and Chinas GDP ($34 trillion). India will become the largest economy
in the Commonwealth, overtaking Britain. Hence, a deeper U.S.-India
relationship will bolster trade, create jobs, and further enhance economic
investments and growth in both countries.

Third, the United States needs to share the burdens of regulating the global
commons based on international norms and rules. This is especially critical in
the Asia-Pacific region. Who could provide a better partnership in this aspect
but India, with a growing military capability and fast-emerging naval power? In
January 2015, during President Barack Obamas visit to India, both countries
signed a strategic vision statement for the Asia-Pacific and the Indian Ocean in
which freedom of Sea Lanes of Communications (SLOCs), including in the
South China Sea was identified as of priority.

Fourth, India is fast becoming a champion of renewables as its economy

becomes more and more energy dependent. It is heavily investing in building its
solar infrastructure. The aim is to support the Paris climate agreement and work
toward a limited carbon footprint and a cleaner earth. Both Modi and Obama
pledged to ratify the Paris agreement by the end of this year, an urgent need that
has risen to ensure that the treaty enters force quickly, given that the next
elected candidate for president, Donald Trump, has threatened to renegotiate the
Treaty.

Fifth, Indias experience in handling enormous population diversity, including

being home to the second largest Muslim population in the world (177 million),
and slotted to be the largest in the world by 2050 (311 million), may offer some
vital lessons to the United States given its growing diverse populations. Despite
some challenges, India has remained united, and its diversity has become its
strength today. This years elected U.S. presidential candidate Republican
nominee Donald Trump has dangerously played the diversity card, targeting
minorities and immigrants for political gains, thereby encouraging a culture of
intolerance and racial hatred. India does offer cautionary tales of what could
happen if such intolerance is encouraged as well as inspiring stories of great
harmony when diversity is embraced and celebrated.

Finally, in surveys of social attitudes across the world, India comes out as a
country with some of the most favorable social attitudes toward the United
States. People-to-people contact is on the rise, as well as academic and cultural
exchanges. The Indian American diaspora of three million has also proved an
asset in supporting better relationship between the two countries.

Therefore, for the United States, having India as an ally and trusted partner in
the world is a good thing. It means it has, literally speaking, 1.2 billion friends
that would come to its aid in times of need. It means Washington could rely on
Indias diplomatic and military support in case there is conflict escalation in the
Asia Pacific. The United States could also count on Indian support to tackle
challenges of climate change. Most importantly, it could count on India to
support and strengthen a rules based international order that sustains peace and
prosperity in the world.
Political systems: Both the countries have a deeply ingrained democratic
culture. The U.S is the world's oldest democracy while India is the world's
largest democracy. Both the countries were former British colonies, though the
U.S became an independent country much ahead of India (the US in 1776 and
India in 1947). Many American visionaries like MLK jr. and Henry David
Thoreau were inspired by Gandhi's philosophy of civil disobedience. I came
across a popular blog which says:

In both these countries there was the same form of harsh racism against the
lower classes of the society. In the USA the Africans were treated in a very
harsh way. They were the slaves of the community. They had no rights and even
when they got their rights they still were treated in an ill manner and with
disrespect. In some regions they had to sit at a distance from the whites. They
were not allowed to enter restaurants, which served white people. They were not
allowed to reside near white people but only in their quarters.In India, the
untouchables were also treated in a harsh manner. They had no rights and were
treated in a very ill manner and with no respect. They had to sit at a distance
from the upper castes. They were not allowed to enter the quarters and temples
of the upper castes. They were also barred from entering restaurants, which
served the upper castes.

Entrepreneurship:

Both the countries love to take risks to create wealth and new businesses.
However, India's full potential has not yet been unleashed due to the disastrous
socialist policies from 1947-1992. The recent wealth creation in the Indian
economy was due to the opening up of the Indian economy post 1992 and these
policies are likely to continue. Also, the US and India trade has been increasing
rapidly. The IT industry links between both the countries are pretty well known
Geopolitical interests: India was closer to the USSR during the cold war, while
the U.S openly supported Pakistan. However, post 1990s both the countries
changed their foreign policy to support each other because their strategic
interests have changed. Both the countries are nuclear capable and were victims
of terrorism born in Pakistan (New York 9/11 and Mumbai 26/11). Other key
drivers of this realignment are the rise of China, trade and the changing
geopolitical landscape. However, India has made it clear to the U.S that it does
not wish to be treated as America's vassal state because it has higher ambitions.
Ab Ki Baar Trump Sarkar is another slogan which tells the geo political
intererests.

Cultural Differences :

Differences:

People take life less seriously and have more freedom to experiment in the US
(changing jobs into radically different fields, taking vacations to visit Europe,
Entrepreneurship etc) To me, the social security system and general prosperity
are huge enablers. Indians, unless born in a really wealthy family, do not have
many back-ups and have a set path to pursue in general. The overarching theme
is, unless you study well and be competitive, your life could be miserable. This
applies at a much higher degree in India than in the US, and you can see its
repercussions in work culture too. (longer hours, power hierarchy)
Generalizing at a high level, more people are in the darkness in India ( blind
devotion to leaders (religious, political, wealthy people) , being
illiterate,uninformed, gullible and not seeing the big picture etc., religious
beliefs). Not to confuse with spirituality. The rise of the far right in recent times
in India is alarming to me personally- it is regression. Comparing this to a
maximum of only 50% Trump supporters in the US , I have to say people need
more light in India. PS: Again, this is a generalization, There are regions in
India that have human development indexes comparable to developed countries
( Reference: Hans Roslings TED talk on data visualization)

Family ties

Indians, in general, cant make their parents stay in old age homes. I hear
stories from my American colleagues about nursing home employees treating
grandpa in not-so-good ways etc. To me, the only explanation is that they allow
it to happen because they care more about their own individual comforts. The
same colleague complains about Asian American parents being overly attached
to their kids. Talking about balance, the slider on individualism is too much to
the right in the US and a bit too much to the left in India. Taking good things
from both cultures, people should not live only for their families or society
(influences on independent marriage decisions etc.) or live only for their own
pleasures (frequent divorces, old age care, college fees, apparently smaller
social circles and shallow relations).
Import and Exports:
Month Imports Exports Balance
Jan-16 1,488.70 3,680.10 -2,191.50
Feb-16 1,532.00 3,646.80 -2,114.80
Mar-16 1,839.30 3,946.40 -2,107.10
Apr-16 1,788.20 3,730.30 -1,942.20
May-16 1,597.10 4,128.80 -2,531.70
Jun-16 1,745.40 3,538.80 -1,793.40
Jul-16 1,618.10 3,797.10 -2,179.00
Aug-16 1,886.50 3,905.90 -2,019.40
Sep-16 1,915.80 4,099.60 -2,183.80
Oct-16 2,113.70 4,541.00 -2,427.30
Nov-16 2,068.20 3,537.10 -1,468.90
Dec-16 2,096.10 3,446.50 -1,350.40
TOTAL -
21,689.00 45,998.40
2016 24,309.50

Exchange Rate Fluctuations:

Exchang
e Rate
Change
Price Open High Low
%
67.878 66.199 68.265 66.12 2.52%
68.208 67.868 68.909 67.485 0.49%
66.255 68.196 68.355 66.12 -2.86%
66.425 66.345 66.852 66.014 0.26%
67.209 66.415 67.78 66.225 1.18%
67.504 67.197 68.222 66.441 0.44%
66.655 67.499 67.571 66.6 -1.26%
66.973 66.71 67.37 66.56 0.48%
66.556 66.951 67.148 66.25 -0.62%
66.686 66.546 67.005 66.362 0.20%
68.598 66.675 68.881 66.217 2.87%
67.955 68.585 68.598 67.308 -0.94%
Import Exports Graph:

5,000.00 69

4,500.00
68.5
4,000.00
68
3,500.00
67.5
3,000.00

2,500.00 67

2,000.00
66.5
1,500.00
66
1,000.00
65.5
500.00

0.00 65
1 2 3 4 5 6 7 8 9 10 11 12

Imports Exports Price

Top 3 Exports:

Top Exported Items

10,000.00
8,000.00
6,000.00
4,000.00
2,000.00
-

IRON AND STEEL

PHARMACEUTICAL PRODUCTS
OTHER MADE UP TEXTILE ARTICLES; SETS; WORN CLOTHING AND WORN TEXTILE ARTICLES;
RAGS
Top 3 Imports:

top imported items

4,000,000.00
3,000,000.00
2,000,000.00
1,000,000.00
0.00

ELECTRICAL MACHINERY AND EQUIPMENT AND PARTS THEREOF; SOUND RECORDERS AND
REPRODUCERS, TELEVISION IMAGE AND SOUND RECORDERS AND REPRODUCERS,AND
PARTS.
IRON AND STEEL
AIRCRAFT, SPACECRAFT, AND PARTS THEREOF.

2016-
2012- 2013- 2014- 2015-
Commodity 2017(Apr- growth
2013 2014 2015 2016
Nov)
LIVE ANIMALS. 0.01 0.02 0.03 0.01 0.01 0

MEAT AND EDIBLE MEAT OFFAL. 0.02 0.46 1.89 4.02 112.6984127

FISH AND CRUSTACEANS,

MOLLUSCS AND OTHER AQUATIC 685.52 1225.07 1391.81 1212.87 1092.12 -9.95572485
INVERTABRATES.

DAIRY PRODUCE; BIRDS' EGGS;

NATURAL HONEY; EDIBLE PROD.
61.29 67.26 75.16 97.53 40.6 -58.371783
OF ANIMAL ORIGIN, NOT
ELSEWHERE SPEC. OR INCLUDED.

PRODUCTS OF ANIMAL ORIGIN,

NOT ELSEWHERE SPECIFIED OR 1.75 2.26 3.76 1.49 1.4 -6.04026846
INCLUDED.
 LIVE TREES AND OTHER PLANTS;
BULBS; ROOTS AND THE LIKE; CUT
15.38 14.01 16.06 14.8 9.94 -32.8378378
FLOWERS AND ORNAMENTAL
FOLIAGE.

EDIBLE VEGETABLES AND

29.87 27.78 44.43 50.3 38.57 -23.3200795
CERTAIN ROOTS AND TUBERS.

EDIBLE FRUIT AND NUTS; PEEL OR

240.82 265.24 245.67 193.69 104.6 -45.9961795
CITRUS FRUIT OR MELONS.

COFFEE, TEA, MATE AND SPICES. 247.47 252.94 282.46 321.03 223.29 -30.4457527

CEREALS. 120.69 168.83 159.31 167.16 89.05 -46.727686

PRODUCTS OF THE MILLING

INDUSTRY; MALT; STARCHES; 19.5 25.44 30.02 35.12 26.34 -25
INULIN; WHEAT GLUTEN.

OIL SEEDS AND OLEA. FRUITS;

MISC. GRAINS, SEEDS AND FRUIT;
158.24 187.75 242.55 220.24 127.23 -42.2312023
INDUSTRIAL OR MEDICINAL
PLANTS; STRAW AND FODDER.

LAC; GUMS, RESINS AND OTHER

3357.4 1655.57 1324.11 417.38 241.03 -42.2516651
VEGETABLE SAPS AND EXTRACTS.

VEGETABLE PLAITING
MATERIALS; VEGETABLE
1.15 0.7 0.56 1.14 0.63 -44.7368421
PRODUCTS NOT ELSEWHERE
SPECIFIED OR INCLUDED.
ANIMAL OR VEGETABLE FATS AND
OILS AND THEIR CLEAVAGE
98.26 80.5 108.03 85.95 59.25 -31.0645724
PRODUCTS; PRE. EDIBLE FATS;
ANIMAL OR VEGETABLE WAXEX.

PREPARATIONS OF MEAT, OF FISH

OR OF CRUSTACEANS, MOLLUSCS
51.37 41.98 64.77 113.13 136.86 20.97586847
OR OTHER AQUATIC
INVERTEBRATES

SUGARS AND SUGAR

20.18 8.49 13.76 19.95 8.76 -56.0902256
CONFECTIONERY.

COCOA AND COCOA

3.64 16.99 31.49 37.02 21.98 -40.6266883
PREPARATIONS.

PREPARATIONS OF CEREALS,
FLOUR, STARCH OR MILK; 73.67 69.51 81.31 87.98 69.79 -20.6751534
PASTRYCOOKS PRODUCTS.

PREPARATIONS OF VEGETABLES,
FRUIT, NUTS OR OTHER PARTS OF 74.78 70.95 79.08 90.12 56.56 -37.2392366
PLANTS.

MISCELLANEOUS EDIBLE
71.92 81.67 81.09 89.67 69.36 -22.6497156
PREPARATIONS.

BEVERAGES, SPIRITS AND

4.89 4.54 5.32 5.63 4.09 -27.3534636
VINEGAR.

RESIDUES AND WASTE FROM THE

FOOD INDUSTRIES; PREPARED 5.69 8.84 11.82 20.41 23.91 17.14845664
ANIMAL FODER.

TOBACCO AND MANUFACTURED

32.05 30.64 25.22 28.07 20.45 -27.1464197
TOBACCO SUBSTITUTES.
 SALT; SULPHUR; EARTHS AND
STONE; PLASTERING MATERIALS, 129.87 83.43 81.39 80.5 43.95 -45.4037267
LIME AND CEMENT.

ORES, SLAG AND ASH. 0.65 0.24 0.27 0.27 1.96 625.9259259

MINERAL FUELS, MINERAL OILS

AND PRODUCTS OF THEIR
1787.23 3956.16 3884.78 2073.04 1324.91 -36.0885463
DISTILLATION; BITUMINOUS
SUBSTANCES; MINERAL WAXES.

INORGANIC CHEMICALS; ORGANIC

OR INORGANIC COMPOUNDS OF
PRECIOUS METALS, OF RARE- 78.34 90.54 81.85 66.49 45.6 -31.4182584
EARTH METALS, OR RADI. ELEM.
OR OF ISOTOPES.

ORGANIC CHEMICALS 1531.53 1534.94 1637.82 1413.41 905.01 -35.9697469

PHARMACEUTICAL PRODUCTS 3093.24 3445.75 3769.08 5026.46 3553 -29.3140699

FERTILISERS. 0.92 2.35 2.89 5.98 2.83 -52.6755853

TANNING OR DYEING EXTRACTS;

TANNINS AND THEIR DERI. DYES,
PIGMENTS AND OTHER
182.87 213.28 237.19 214.56 132.57 -38.2130872
COLOURING MATTER; PAINTS AND
VER; PUTTY AND OTHER MASTICS;
INKS.

ESSENTIAL OILS AND RESINOIDS;

PERFUMERY, COSMETIC OR TOILET 269.43 230.15 254.08 245.1 161.2 -34.2309262
PREPARATIONS.
SOAP, ORGANIC SURFACE-ACTIVE
AGENTS, WASHING PREPARATIONS,
LUBRICATING PREPARATIONS,
70.48 63.45 63.45 65.43 43.05 -34.2044934
ARTIFICIAL WAXES, PREPARED
WAXES, POLISHING OR SCOURING
PREP.

ALBUMINOIDAL SUBSTANCES;
MODIFIED STARCHES; GLUES; 111.24 86 61.86 37.92 28.46 -24.9472574
ENZYMES.

EXPLOSIVES; PYROTECHNIC
PRODUCTS; MATCHES;
1.71 1.33 1.59 1.58 1.15 -27.2151899
PYROPHORIC ALLOYS; CERTAIN
COMBUSTIBLE PREPARATIONS.

PHOTOGRAPHIC OR
2 0.94 0.26 0.22 0.19 -13.6363636
CINEMATOGRAPHIC GOODS.

MISCELLANEOUS CHEMICAL
414.55 425.67 471.18 454.27 280.59 -38.2327691
PRODUCTS.

PLASTIC AND ARTICLES THEREOF. 490.24 537.63 554.72 581.82 414.68 -28.7270977

RUBBER AND ARTICLES THEREOF. 308.2 309.97 330.48 304.25 222.8 -26.7707477

RAW HIDES AND SKINS (OTHER

13.87 14.42 31.69 30.1 11.93 -60.3654485
THAN FURSKINS) AND LEATHER

ARTICLES OF LEATHER,SADDLERY
AND HARNESS;TRAVEL GOODS,
HANDBAGS AND SIMILAR 337.57 398.99 444.89 461.14 320.35 -30.5308583
CONT.ARTICLES OF ANIMAL
GUT(OTHR THN SILK-WRM)GUT.
FURSKINS AND ARTIFICIAL FUR,
0.03 0.5 0.87 1.91 2.32 21.46596859
MANUFACTURES THEREOF.

WOOD AND ARTICLES OF WOOD;

84.52 118.64 110.09 132.06 103.04 -21.9748599
WOOD CHARCOAL.

CORK AND ARTICLES OF CORK. 0.8 0.44 0.53 0.44 0.36 -18.1818182

MANUFACTURES OF STRAW, OF
ESPARTO OR OF OTHER PLAITING
0.77 1.17 1.99 2.7 2.2 -18.5185185
MATERIALS; BASKETWARE AND
WICKERWORK.

PAPER AND PAPERBOARD;

ARTICLES OF PAPER PULP, OF 0.04 84.48 69.39 -17.8622159
PAPER OR OF PAPERBOARD.

PRINTED BOOKDS, NEWSPAPERS,

PICTURES AND OTHER PRODUCTS
OF THE PRINTING INDUSTRY; 63.42 70.84 74.86 45.4 27.12 -40.2643172
MANUSCRIPTS, TYPESCRIPTS AND
PLANS.

SILK 41.02 41.67 44.12 21.59 11.07 -48.7262622

WOOL, FINE OR COARSE ANIMAL

HAIR, HORSEHAIR YARN AND 30.83 28.59 24.87 8.14 3.26 -59.95086
WOVEN FABRIC.

COTTON. 12.75 11.91 13.85 83.78 50.94 -39.1978993

OTHER VEGETABLE TEXTILE

FIBRES; PAPER YARN AND WOVEN 89.47 98.3 90.71 62.7 43.3 -30.9409888
FABRICS OF PAPER YARN.

MAN-MADE FILAMENTS. 42.26 42.47 51.32 104.56 77.02 -26.3389441

MAN-MADE STAPLE FIBRES. 74.45 77.29 109.8 119.63 89.56 -25.1358355

 WADDING, FELT AND
NONWOVENS; SPACIAL YARNS;
97.23 126.44 109.52 59.21 47.18 -20.3175139
TWINE, CORDAGE, ROPES AND
CABLES AND ARTICLES THEREOF.

CARPETS AND OTHER TEXTILE

59.15 54.09 56.26 811.09 540.76 -33.3292236
FLOOR COVERINGS.

SPECIAL WOVEN FABRICS; TUFTED

TEXTILE FABRICS; LACE;
588.28 660.57 767.11 34.71 23.37 -32.6707001
TAPESTRIES; TRIMMINGS;
EMBROIDERY.

IMPREGNATED, COATED, COVERED

OR LAMINATED TEXTILE FABRICS;
30.19 38.24 36.62 24.29 23.87 -1.72910663
TEXTILE ARTICLES OF A KIND
SUITABLE FOR INDUSTRIAL USE.

KNITTED OR CROCHETED
15.82 15.32 18.74 37.2 28.22 -24.1397849
FABRICS.

ARTICLES OF APPAREL AND

CLOTHING ACCESSORIES, 36.42 33.59 46.43 1675.03 1084.08 -35.2799651
KNITTED OR CORCHETED.

ARTICLES OF APPAREL AND

CLOTHING ACCESSORIES, NOT 1327.12 1496.97 1620.15 2186.93 1246.58 -42.9986328
KNITTED OR CROCHETED.

OTHER MADE UP TEXTILE

ARTICLES; SETS; WORN CLOTHING
1768.02 1926.94 1994.79 2289.88 1535.65 -32.9375338
AND WORN TEXTILE ARTICLES;
RAGS
FOOTWEAR, GAITERS AND THE
1958.62 2093.36 2213.75 412.48 320.41 -22.3210822
LIKE; PARTS OF SUCH ARTICLES.

HEADGEAR AND PARTS THEREOF. 227.59 320.67 359.83 7.35 3.83 -47.8911565

UMBRELLAS, SUN UMBRELLAS,

WALKING-STICKS, SEAT-STICKS,
3.23 6.03 7.91 0.13 0.13 0
WHIPS,RIDING-CROPS AND PARTS
THEREOF.

PREPARED FEATHERS AND DOWN

AND ARTICLES MADE OF
FEATHERS OR OF DOWN; 0.17 0.15 0.1 22.16 13.33 -39.8465704
ARTIFICIAL FLOWERS; ARTICLES
OF HUMAN HAIR.

ARTICLES OF STONE, PLASTER,

CEMENT, ASBESTOS, MICA OR 26.63 27.81 32.08 370.21 269.59 -27.1791686
SIMILAR MATERIALS.

CERAMIC PRODUCTS. 284.96 340.22 352.11 38.75 38.41 -0.87741935

GLASS AND GLASSWARE. 21.86 27.24 34.19 147.75 100.45 -32.0135364

NATURAL OR CULTURED
PEARLS,PRECIOUS OR
SEMIPRECIOUS
106.78 114.75 141.27 8673.33 6989.75 -19.410999
STONES,PRE.METALS,CLAD WITH
PRE.METAL AND ARTCLS
THEREOF;IMIT.JEWLRY;COIN.

IRON AND STEEL 6749.99 7842.22 8419.58 405.74 180.77 -55.4468379

ARTICLES OF IRON OR STEEL 454.11 581.88 700.26 1232.58 744.01 -39.6379951

COPPER AND ARTICLES THEREOF. 1756.05 1328.7 1712.6 143.26 93.99 -34.3920145

NICKEL AND ARTICLES THEREOF. 94.03 105.29 137.35 4.22 2.35 -44.3127962
 ALUMINIUM AND ARTICLES
8.65 5.88 6.93 295.18 189.3 -35.8696389
THEREOF.

LEAD AND ARTICLES THEREOF. 179.09 201.92 306.86 35.42 36.66 3.500846979

ZINC AND ARTICLES THEREOF. 2.49 21.11 22.67 8.14 9.24 13.51351351

TIN AND ARTICLES THEREOF. 1.37 2.59 3.05 0.16 0.25 56.25

OTHER BASE METALS; CERMETS;

0.2 0.16 0.23 11.72 6.1 -47.9522184
ARTICLES THEREOF.

TOOLS IMPLEMENTS, CUTLERY,

SPOONS AND FORKS, OF BASE
17.3 17.63 20.98 144.69 82.31 -43.112862
METAL; PARTS THEREOF OF BASE
METAL.

MISCELLANEOUS ARTICLES OF
135.35 136.67 147.8 71.23 54.55 -23.4170995
BASE METAL.

NUCLEAR REACTORS, BOILERS,

MACHINERY AND MECHANICAL 49.75 49.82 59.29 1843.13 1247.02 -32.3422656
APPLIANCES; PARTS THEREOF.

ELECTRICAL MACHINERY AND

EQUIPMENT AND PARTS THEREOF;
SOUND RECORDERS AND
1627.68 1589.12 2157.13 1156.88 769.68 -33.4693313
REPRODUCERS, TELEVISION
IMAGE AND SOUND RECORDERS
AND REPRODUCERS,AND PARTS.
 RAILWAY OR TRAMWAY
LOCOMOTIVES, ROLLING-STOCK
AND PARTS THEREOF; RAILWAY OR
1653.18 1301.17 1266.95 13.18 7.89 -40.1365706
TRAMWAY TRACK FIXTURES AND
FITTINGS AND PARTS THEREOF;
MECHANICAL

VEHICLES OTHER THAN RAILWAY

OR TRAMWAY ROLLING STOCK,
13.2 17.93 15.5 1420.91 757.74 -46.672203
AND PARTS AND ACCESSORIES
THEREOF.

AIRCRAFT, SPACECRAFT, AND

1007.76 1058.83 1287.74 503.39 374.93 -25.5189813
PARTS THEREOF.

SHIPS, BOATS AND FLOATING

297.99 422.29 538.54 0.52 0.1 -80.7692308
STRUCTURES.

OPTICAL, PHOTOGRAPHIC
CINEMATOGRAPHIC MEASURING,
CHECKING PRECISION, MEDICAL
51.6 0.59 0.45 357.85 289.14 -19.2007825
OR SURGICAL INST. AND
APPARATUS PARTS AND
ACCESSORIES THEREOF;

CLOCKS AND WATCHES AND PARTS

294.22 326.76 378.7 4.57 3.12 -31.7286652
THEREOF.

MUSICAL INSTRUMENTS; PARTS

AND ACCESSORIES OF SUCH 2.44 2.67 3.7 4.23 3.01 -28.8416076
ARTICLES.

ARMS AND AMMUNITION; PARTS

4.96 4.53 4.79 30.36 25.77 -15.1185771
AND ACCESSORIES THEREOF.
 FURNITURE; BEDDING,
MATTRESSES, MATTRESS
SUPPORTS, CUSHIONS AND
SIMILAR STUFFED FURNISHING; 18.04 26.21 24.07 476.79 327.94 -31.219195
LAMPS AND LIGHTING FITTINGS
NOT ELSEWHERE SPECIFIED OR
INC

TOYS, GAMES AND SPORTS

REQUISITES; PARTS AND 314.02 375.98 400.54 64.79 58.91 -9.07547461
ACCESSORIES THEREOF.

MISCELLANEOUS
40.16 48.3 51.1 97.98 64.02 -34.6601347
MANUFACTURED ARTICLES.

WORKS OF ART COLLECTORS'

70.78 76.86 89.49 33.71 26.27 -22.0706022
PIECES AND ANTIQUES.

PROJECT GOODS; SOME SPECIAL

65.72 32.42 87.32 1.89 1.4 -25.9259259
USES.

MISCELLANEOUS GOODS. 8.28 22.89 3.46 139.94 50.69 -63.7773331

2016-
Commodity 2012-2013 2013-2014 2014-2015 2015-2016 2017(Apr- growth
Nov)
LIVE ANIMALS. 1,918.92 2,476.65 2,406.83 2,134.08 896.65 -
57.984237
FISH AND CRUSTACEANS, 0.96 0.72 7,848.03 5,092.59 -
MOLLUSCS AND OTHER 35.109958
AQUATIC INVERTABRATES.

DAIRY PRODUCE; BIRDS' 2,515.65 3,867.13 7,970.60 159.08 122.68 -

EGGS; NATURAL HONEY; 22.881569
EDIBLE PROD. OF ANIMAL
ORIGIN, NOT ELSEWHERE
SPEC. OR INCLUDED.
PRODUCTS OF ANIMAL 2,677.15 3,478.95 2,787.87 12,067.93 10,500.73 -
ORIGIN, NOT ELSEWHERE 12.986486
SPECIFIED OR INCLUDED.

LIVE TREES AND OTHER 3,193.53 7,311.99 7,738.89 181.27 116.74 -35.59883
PLANTS; BULBS; ROOTS AND
THE LIKE; CUT FLOWERS
AND ORNAMENTAL FOLIAGE.

EDIBLE VEGETABLES AND 168.88 297.42 222.29 1,00,569.19 78,740.95 -

CERTAIN ROOTS AND 21.704699
TUBERS.

EDIBLE FRUIT AND NUTS; 56,051.07 67,760.93 1,03,675.56 4,74,471.00 2,78,214.35 -

PEEL OR CITRUS FRUIT OR 41.363255
MELONS.

COFFEE, TEA, MATE AND 2,53,911.22 2,88,942.94 3,38,112.57 1,355.58 360.63 -

SPICES. 73.396627

CEREALS. 729.95 1,020.18 1,291.18 628.69 947.77 50.753153

PRODUCTS OF THE MILLING 235.3 286.1 305.14 603.81 429.57 -28.85676
INDUSTRY; MALT; STARCHES;
INULIN; WHEAT GLUTEN.

OIL SEEDS AND OLEA. 530.15 669.28 951.38 8,391.77 5,944.74 -

FRUITS; MISC. GRAINS, 29.159879
SEEDS AND FRUIT;
INDUSTRIAL OR MEDICINAL
PLANTS; STRAW AND
FODDER.

LAC; GUMS, RESINS AND 5,044.59 5,586.85 8,925.20 12,240.61 6,793.66 -

OTHER VEGETABLE SAPS 44.499008
AND EXTRACTS.

VEGETABLE PLAITING 10,367.83 10,354.93 10,987.08 60.26 1.25 -

MATERIALS; VEGETABLE 97.925655
PRODUCTS NOT ELSEWHERE
SPECIFIED OR INCLUDED.
ANIMAL OR VEGETABLE 1.46 47.6 11.35 2,642.78 2,854.47 8.0101257
FATS AND OILS AND THEIR
CLEAVAGE PRODUCTS; PRE.
EDIBLE FATS; ANIMAL OR
VEGETABLE WAXEX.

PREPARATIONS OF MEAT, OF 53,525.12 17,327.79 2,034.77 0.01 44.06 440500

FISH OR OF CRUSTACEANS,
MOLLUSCS OR OTHER
AQUATIC INVERTEBRATES

SUGARS AND SUGAR 9.02 22.78 8,776.27 7,249.45 -17.39714

CONFECTIONERY.

COCOA AND COCOA 7,400.29 9,427.53 9,526.75 1,461.64 1,189.69 -

PREPARATIONS. 18.605813

PREPARATIONS OF CEREALS, 432.22 802.63 1,687.96 1,005.65 532.91 -

FLOUR, STARCH OR MILK; 47.008403
PASTRYCOOKS PRODUCTS.

PREPARATIONS OF 864.47 940.71 1,124.19 7,535.22 5,548.13 -

VEGETABLES, FRUIT, NUTS 26.370697
OR OTHER PARTS OF PLANTS.

MISCELLANEOUS EDIBLE 8,648.61 6,209.25 5,928.73 30,684.22 24,115.72 -

PREPARATIONS. 21.406769

BEVERAGES, SPIRITS AND 18,964.94 22,045.15 25,151.60 67,554.20 92,979.25 37.63652

VINEGAR.

RESIDUES AND WASTE FROM 3,615.69 27,333.80 39,758.40 11,062.50 9,759.83 -

THE FOOD INDUSTRIES; 11.775548
PREPARED ANIMAL FODER.

TOBACCO AND 10,047.09 9,475.67 10,368.04 196.76 155.93 -

MANUFACTURED TOBACCO 20.751169
SUBSTITUTES.
SALT; SULPHUR; EARTHS 199.05 169.51 406.74 18,982.62 13,900.18 -
AND STONE; PLASTERING 26.774176
MATERIALS, LIME AND
CEMENT.

ORES, SLAG AND ASH. 12,363.69 16,384.47 18,500.59 14,348.84 11,046.13 -

23.017261
MINERAL FUELS, MINERAL 60,343.76 23,121.16 16,785.76 8,53,080.74 6,46,281.94 -24.24141
OILS AND PRODUCTS OF
THEIR DISTILLATION;
BITUMINOUS SUBSTANCES;
MINERAL WAXES.

INORGANIC CHEMICALS; 1118329.4 9,25,590.09 8,90,037.42 2,15,655.72 1,74,205.40 -

ORGANIC OR INORGANIC 19.220598
COMPOUNDS OF PRECIOUS
METALS, OF RARE-EARTH
METALS, OR RADI. ELEM. OR
OF ISOTOPES.

ORGANIC CHEMICALS 2,59,850.22 2,49,140.95 2,28,343.96 5,15,099.84 3,54,374.73 -31.20271

PHARMACEUTICAL 5,14,797.11 5,24,141.43 4,58,846.37 2,06,342.81 1,36,258.83 -

PRODUCTS 33.964828
FERTILISERS. 1,35,756.87 1,63,886.06 1,84,355.85 2,00,487.30 1,20,083.57 -
40.104151
TANNING OR DYEING 3,03,342.02 2,12,840.86 1,86,254.13 95,444.15 66,218.88 -
EXTRACTS; TANNINS AND 30.620284
THEIR DERI. DYES,
PIGMENTS AND OTHER
COLOURING MATTER; PAINTS
AND VER; PUTTY AND OTHER
MASTICS; INKS.

ESSENTIAL OILS AND 83,406.50 73,668.61 74,974.32 36,106.75 26,200.64 -

RESINOIDS; PERFUMERY, 27.435618
COSMETIC OR TOILET
PREPARATIONS.
SOAP, ORGANIC SURFACE- 26,567.83 26,730.92 35,685.44 68,677.50 52,611.08 -
ACTIVE AGENTS, WASHING 23.394008
PREPARATIONS,
LUBRICATING
PREPARATIONS, ARTIFICIAL
WAXES, PREPARED WAXES,
POLISHING OR SCOURING
PREP.

ALBUMINOIDAL 52,077.95 55,888.67 65,413.39 41,352.41 25,898.18 -

SUBSTANCES; MODIFIED 37.372018
STARCHES; GLUES;
ENZYMES.

EXPLOSIVES; PYROTECHNIC 25,999.10 29,997.60 37,918.36 1,988.24 1,066.97 -

PRODUCTS; MATCHES; 46.335955
PYROPHORIC ALLOYS;
CERTAIN COMBUSTIBLE
PREPARATIONS.

PHOTOGRAPHIC OR 2,356.74 4,168.18 2,911.44 59,658.21 35,622.94 -

CINEMATOGRAPHIC GOODS. 40.288286

MISCELLANEOUS CHEMICAL 52,376.76 49,525.22 50,146.02 5,67,890.53 3,43,321.07 -

PRODUCTS. 39.544498

PLASTIC AND ARTICLES 4,87,950.07 5,11,772.64 4,74,163.85 5,49,553.74 4,07,363.39 -

THEREOF. 25.873784

RUBBER AND ARTICLES 4,80,081.96 5,13,163.11 5,07,695.83 1,26,186.54 93,444.99 -

THEREOF. 25.946943

RAW HIDES AND SKINS 1,17,212.90 1,12,943.34 1,37,910.46 6,955.25 5,429.60 -

(OTHER THAN FURSKINS) 21.935229
AND LEATHER
ARTICLES OF 5,132.03 5,161.82 6,674.76 5,074.98 2,568.87 -
LEATHER,SADDLERY AND 49.381672
HARNESS;TRAVEL GOODS,
HANDBAGS AND SIMILAR
CONT.ARTICLES OF ANIMAL
GUT(OTHR THN SILK-
WRM)GUT.

FURSKINS AND ARTIFICIAL 3,963.32 3,934.75 3,912.36 4.54 -100

FUR, MANUFACTURES
THEREOF.

WOOD AND ARTICLES OF 14.67 14.1 0.31 27,126.57 15,122.30 -

WOOD; WOOD CHARCOAL. 44.252812

CORK AND ARTICLES OF 22,533.97 29,599.88 34,974.99 53 33.91 -

CORK. 36.018868

MANUFACTURES OF STRAW, 69.17 69.36 68.61 1.5 0.29 -

OF ESPARTO OR OF OTHER 80.666667
PLAITING MATERIALS;
BASKETWARE AND
WICKERWORK.

PULP OF WOOD OR OF OTHER 6.29 4.53 3.89 3,10,565.73 2,10,219.85 -

FIBROUS CELLULOSIC 32.310674
MATERIAL; WASTE AND
SCRAP OF PAPER OR
PAPERBOARD.

PAPER AND PAPERBOARD; 2,14,669.60 2,51,769.01 3,57,496.32 1,56,376.96 1,05,882.98 -32.28991

ARTICLES OF PAPER PULP, OF
PAPER OR OF PAPERBOARD.
PRINTED BOOKDS, 1,67,396.59 1,92,515.84 1,49,792.01 57,449.99 23,011.33 -
NEWSPAPERS, PICTURES AND 59.945459
OTHER PRODUCTS OF THE
PRINTING INDUSTRY;
MANUSCRIPTS, TYPESCRIPTS
AND PLANS.

SILK 42,000.02 55,301.09 64,093.94 91.67 69.37 -

24.326388
WOOL, FINE OR COARSE 227.65 96.71 63.97 3,252.24 1,641.19 -
ANIMAL HAIR, HORSEHAIR 49.536627
YARN AND WOVEN FABRIC.

COTTON. 2,868.37 5,734.14 5,744.67 73,716.30 1,23,024.04 66.888517

OTHER VEGETABLE TEXTILE 50,387.46 65,199.07 57,489.82 35.42 11.88 -
FIBRES; PAPER YARN AND 66.459627
WOVEN FABRICS OF PAPER
YARN.

MAN-MADE FILAMENTS. 42.36 70.22 18.14 12,478.44 8,888.51 -

28.769061
MAN-MADE STAPLE FIBRES. 10,840.82 9,821.46 10,539.84 20,583.85 10,417.40 -49.39042

WADDING, FELT AND 17,825.44 21,203.62 18,890.76 22,029.49 17,230.58 -

NONWOVENS; SPACIAL 21.784027
YARNS; TWINE, CORDAGE,
ROPES AND CABLES AND
ARTICLES THEREOF.

CARPETS AND OTHER 5,464.34 9,043.69 15,023.76 7,319.20 4,485.98 -

TEXTILE FLOOR COVERINGS. 38.709422

SPECIAL WOVEN FABRICS; 6,177.29 5,858.88 7,354.13 1,365.12 746.46 -

TUFTED TEXTILE FABRICS; 45.319093
LACE; TAPESTRIES;
TRIMMINGS; EMBROIDERY.
IMPREGNATED, COATED, 908.85 897.21 1,531.16 8,160.55 5,218.34 -
COVERED OR LAMINATED 36.054065
TEXTILE FABRICS; TEXTILE
ARTICLES OF A KIND
SUITABLE FOR INDUSTRIAL
USE.

KNITTED OR CROCHETED 6,023.39 6,168.56 7,502.12 571.06 445.63 -

FABRICS. 21.964417

ARTICLES OF APPAREL AND 702.98 595.77 566.88 2,876.44 843.43 -

CLOTHING ACCESSORIES, 70.677991
KNITTED OR CORCHETED.

ARTICLES OF APPAREL AND 1,018.22 1,939.13 1,768.66 2,979.95 1,688.87 -

CLOTHING ACCESSORIES, 43.325559
NOT KNITTED OR
CROCHETED.

OTHER MADE UP TEXTILE 1,727.72 2,337.42 3,380.12 48,942.35 28,444.93 -

ARTICLES; SETS; WORN 41.880743
CLOTHING AND WORN
TEXTILE ARTICLES; RAGS

FOOTWEAR, GAITERS AND 42,545.79 47,166.21 48,012.38 2,825.06 1,157.38 -

THE LIKE; PARTS OF SUCH 59.031667
ARTICLES.

HEADGEAR AND PARTS 3,506.06 2,775.78 2,348.53 621.41 352.03 -

THEREOF. 43.349801
UMBRELLAS, SUN 559.23 379.94 505.68 6.74 27.14 302.67062
UMBRELLAS, WALKING-
STICKS, SEAT-STICKS,
WHIPS,RIDING-CROPS AND
PARTS THEREOF.
PREPARED FEATHERS AND 7.74 4.74 5.32 105.26 30.51 -71.01463
DOWN AND ARTICLES MADE
OF FEATHERS OR OF DOWN;
ARTIFICIAL FLOWERS;
ARTICLES OF HUMAN HAIR.

ARTICLES OF STONE, 78.45 88.07 147.3 22,504.25 17,924.29 -

PLASTER, CEMENT, 20.351534
ASBESTOS, MICA OR SIMILAR
MATERIALS.

CERAMIC PRODUCTS. 15,436.42 12,784.88 19,719.91 23,584.44 3,503.48 -

85.144952
GLASS AND GLASSWARE. 5,744.56 6,304.15 23,023.68 99,673.31 63,455.19 -
36.336829
NATURAL OR CULTURED 43,849.41 61,384.81 83,042.68 20,61,359.2 7,92,162.58 -
PEARLS,PRECIOUS OR 9 61.570863
SEMIPRECIOUS
STONES,PRE.METALS,CLAD
WITH PRE.METAL AND
ARTCLS
THEREOF;IMIT.JEWLRY;COIN.

IRON AND STEEL 23,79,164.9 12,78,046.53 21,58,418.71 3,57,150.60 1,69,848.56 -

2 52.443434
ARTICLES OF IRON OR STEEL 4,40,100.34 2,22,787.37 2,18,948.72 1,37,647.72 1,03,783.21 -
24.602304
COPPER AND ARTICLES 1,30,020.84 1,43,320.28 1,40,769.47 62,025.47 39,633.98 -
THEREOF. 36.100476

NICKEL AND ARTICLES 35,343.87 31,085.52 50,386.56 15,622.05 13,148.08 -

THEREOF. 15.836398

ALUMINIUM AND ARTICLES 10,838.04 10,591.54 16,074.14 98,105.77 67,598.76 -

THEREOF. 31.096041

LEAD AND ARTICLES 72,540.59 73,013.28 99,626.42 18,137.34 13,048.26 -28.05858

THEREOF.

ZINC AND ARTICLES 8,222.42 14,194.32 18,916.18 12,118.20 12,969.09 7.0215874

THEREOF.

TIN AND ARTICLES THEREOF. 8,150.54 10,732.20 17,373.20 23.61 29.49 24.904701
OTHER BASE METALS; 39.94 51.15 73.7 15,071.91 8,917.50 -
CERMETS; ARTICLES 40.833644
THEREOF.

TOOLS IMPLEMENTS, 15,683.41 14,177.95 15,092.49 40,025.66 26,298.42 -

CUTLERY, SPOONS AND 34.296099
FORKS, OF BASE METAL;
PARTS THEREOF OF BASE
METAL.

MISCELLANEOUS ARTICLES 39,508.82 56,189.60 41,121.32 24,212.89 12,696.83 -

OF BASE METAL. 47.561691

NUCLEAR REACTORS, 16,426.49 21,592.99 23,322.52 25,52,359.5 13,34,314.06 -

BOILERS, MACHINERY AND 1 47.722331
MECHANICAL APPLIANCES;
PARTS THEREOF.

ELECTRICAL MACHINERY 1609686.41 1639986.29 1842210.21 9,34,172.98 7,66,774.57 -

AND EQUIPMENT AND PARTS 17.919423
THEREOF; SOUND
RECORDERS AND
REPRODUCERS, TELEVISION
IMAGE AND SOUND
RECORDERS AND
REPRODUCERS,AND PARTS.

RAILWAY OR TRAMWAY 8,12,427.97 8,36,216.83 1048702.61 25,554.76 16,515.64 -

LOCOMOTIVES, ROLLING- 35.371571
STOCK AND PARTS THEREOF;
RAILWAY OR TRAMWAY
TRACK FIXTURES AND
FITTINGS AND PARTS
THEREOF; MECHANICAL
VEHICLES OTHER THAN 35,774.93 18,538.31 34,385.10 1,68,405.94 98,836.77 -
RAILWAY OR TRAMWAY 41.310402
ROLLING STOCK, AND PARTS
AND ACCESSORIES THEREOF.

AIRCRAFT, SPACECRAFT, 1,14,197.01 82,116.19 1,18,424.82 1209414.2 1548091.43 28.003411

AND PARTS THEREOF.

SHIPS, BOATS AND FLOATING 9,02,779.01 1187763.31 1423304.16 71,716.97 45,900.09 -

STRUCTURES. 35.998286

OPTICAL, PHOTOGRAPHIC 97,076.26 3,72,477.51 61,604.36 9,65,488.56 6,12,841.76 -

CINEMATOGRAPHIC 36.525218
MEASURING, CHECKING
PRECISION, MEDICAL OR
SURGICAL INST. AND
APPARATUS PARTS AND
ACCESSORIES THEREOF;

CLOCKS AND WATCHES AND 7,83,042.87 8,62,815.29 8,54,418.58 298.14 232.15 -

PARTS THEREOF. 22.133897

MUSICAL INSTRUMENTS; 328.22 842.48 312.33 1,444.87 1,134.30 -

PARTS AND ACCESSORIES OF 21.494667
SUCH ARTICLES.

ARMS AND AMMUNITION; 892.8 1,027.67 1,123.59 443.24 236.52 -46.63839

PARTS AND ACCESSORIES
THEREOF.

FURNITURE; BEDDING, 146.01 2,074.34 1,656.81 33,653.55 19,465.30 -

MATTRESSES, MATTRESS 42.159742
SUPPORTS, CUSHIONS AND
SIMILAR STUFFED
FURNISHING; LAMPS AND
LIGHTING FITTINGS NOT
ELSEWHERE SPECIFIED OR
INC
TOYS, GAMES AND SPORTS 23,923.86 25,036.43 35,012.69 14,056.57 9,338.94 -
REQUISITES; PARTS AND 33.561744
ACCESSORIES THEREOF.

MISCELLANEOUS 16,916.41 14,867.78 10,155.13 15,496.08 9,579.87 -

MANUFACTURED ARTICLES. 38.178752

WORKS OF ART 12,963.40 12,652.73 13,686.63 8,478.50 7,639.42 -

COLLECTORS' PIECES AND 9.8965619
ANTIQUES.

PROJECT GOODS; SOME 2,878.04 5,147.67 15,146.58 1,71,576.19 75,357.73 -

SPECIAL USES. 56.079145

MISCELLANEOUS GOODS. 2,22,155.10 1,99,957.66 1,18,980.15 13,941.78 13,066.07 -

6.2811922
1087036.95 1646997.18 87799.1 -
Total 14267820.2 9511826.1
33.333712
249029808 161859418 -
13723859.1 13561345.6 13342060.3
35.003998
266916196 271543391 273708658 5.7294 5.8766 2.5692045
5.1416 4.9942 4.8745

Recommendations:

"Its really a mixed bag with several factors at play. From a science and
technology perspective, the United States continues to be an innovative
society that creates strong a R&D environment. Though there are some
question marks around educational strengths in science and technology,
generally these factors are pointing in good direction. Similarly, the financing
environment even with the credit crunch and the decline in IPOs still
capital is available for good business opportunities. In addition, the United
States has a very diverse labor and human capital side with a relatively young
population compared to Europe, for example.

"However, compared to some emerging markets such as India or Indonesia,

the United States does not have such a young and growing labor pool. In the
operating environment, the increase in regulations has created less attractive
business environment from a dynamic perspective. And of course, you have
our sluggish economic growth coming out of the recession, which has
hindered the dynamism of the United States' business environment. "
Barriers Today:

"In todays world, it is primarily regulation. Business leaders often express

concern about the increase in regulation whether its healthcare, Dodd-
Frank, or at a local, municipal or state level. Another concern, especially
among smaller and mid-sized organizations, is the lack of access to capital at
all levels. There is a lot of talk about situations where lending or credit isnt
as available and the IPO market not being strong for dynamic, emerging
growth companies.

While signing an executive order Monday, President Trump declared

that it was now almost impossible to start a small business given
federal rules and regulations

In fact, other than a small dip in 2013, the number of businesses newly
created has risen steadily since 2010, when the entrepreneurial economy
bottomed out following the financial crisis. Joining the ranks of first-time
business owners are more women particularly among African American
women and Millennials.

Business owners, chamber of commerce lobbyists and Republican lawmakers

insist that rules and regulations and costs to comply with them including
licensing requirements, inspections, disclosure forms, guidance on work
performance -- inhibit entrepreneurs looking to start a nail salon or the next
Google. And Trump has said for months that they will have his ear.

Surrounded by small business owners, Trump signed an executive order

Monday that will require agencies cut two existing regulations for every new
rule introduced. The order also sets a cap on the cost of new regulations.

An unelected fourth branch of governmentthe regulatory branchis

holding our small business sector back while imposing unnecessary costs on
larger companies too, U.S. Chamber of Commerce CEO Thomas Donohue
said in a speech earlier this month.

Several studies have sought to calculate the financial cost of regulatory

compliance. Federal regulations cost small firms fewer than 50 employees
-- $11,724 per employee, according to a 2014 study by the National
Association of Manufacturers.

Still, empirical evidence that regulations inhibit business creation is difficult

to find.

Conclusion:

We think its true that anytime you put a speed bump on the road, cars
will go slow, But for people who are driven with great ideas,
(regulations) are probably not going to stop them.