India’s April-November trade deficit swells to $100.62 bn

India added $16.86 billion to its ballooning trade deficit in November, to take the country's overall trade deficit in the first nine months of the current fiscal to over $100 billion, up 3.85 per cent from the $97 billion trade deficit during April-November 2013-14.

India's trade deficit for April-November 2014-15 stood at an estimated $100.62 billion, compared at a deficit of $96.89 billion during April-November 2013-14.

Unlike in the past, the import surge was due to a 49.6 per cent rise in the country's non-oil imports to an estimated $31.12 billion in November 2014, from $20.79 billion in the year-ago period, while oil imports on the other hand declined by 9.7 per cent to $11.72 billion in November 2014 from $12.98 billion in November 2013.

India imported goods worth a whopping $42.82 billion (Rs264,227.44 crore) during November 2014, which was up 26.79 per cent in dollar terms and 24.91 per cent higher in rupee terms over the level of imports valued at $33.77 billion (Rs211,529.90 crore) in November 2013.

Cumulative value of imports for the period April-November 2014-15 stood at $316.37 billion (Rs1,915,697.85 crore) against $302.33 billion (Rs1,801,892.93 crore), showing a growth of 4.65 per cent in dollar terms and a 6.32 per cent growth in rupee terms over the same period last year.

India's exports during November 2014 stood at $25.96 billion (Rs160,187.60 crore), which was 7.27 per cent higher in dollar terms  and 5.68 per cent higher in rupee terms compared to exports worth $24.20 billion (Rs151,583.34 crore) during November 2013.

Cumulative value of exports for April-November 2014-15 stood at $215.76 billion (Rs1,305,792.96 crore) against $205.44 billion (Rs1,231,786.75 crore) showing a growth of 5.02 per cent in dollar terms and a growth of 6.01 per cent in rupee terms over the same period last year.

India's oil imports, which account for a major chunk of the country's overall imports, however, was down 9.7 per cent at $11.72 billion in November 2014, compared to oil imports valued at $12.98 billion in the corresponding period last year.

Oil imports during April-November, 2014-15 were valued at $106.56 billion which was 1.6 per cent lower than the oil imports worth $108.29 billion in the corresponding period last year.

Non-oil imports grew by a whopping 49.6 per cent to an estimated $31.12 billion in November 2014 compared to non-oil imports worth $20.79 billion in November 2013. Non-oil imports during April-November 2014-15 were valued at $209.82 billion, which was 8.1 per cent higher than the level of such imports valued at $194.04 billion in April-November 2013-14.