Slumping exports take India’s April-August trade deficit to $57.52 bn
16 Sep 2015
India's trade deficit climbed to an estimated $57.52 during April-August 2015-16 as the falling exports added $12.5 billion to the country's trade deficit in August.
At $57.52 billion, the country's trade deficit was, however, lower than the deficit of $58.22 billion piled up during April-August 2014-15.
India's merchandise exports shrank far more than expected in August, falling for the ninth month and adding to concerns that Asia's third-largest economy may be losing more jobs instead of creating jobs.
India's exports during August 2015 were valued at $21.27 billion (Rs138,384.74 crore), which was 20.66 per cent lower in dollar terms and 15.22 per cent lower in rupee terms compared to the level of $26.80 billion (Rs163,220.33 crore) during August 2014.
Cumulative value of exports for April-August 2015-16 stood at $111.09 billion (Rs708,933.92 crore against $132.53 billion (Rs796,013.40 crore) in April-August 2014-15, registering a negative growth of 16.17 per cent in dollar terms and a 10.94 per cent decline in rupee terms over the same period last year.
Imports during August 2015 were valued at $33.74 billion (Rs219,581.77 crore) which was 9.95 per cent lower in dollar terms and 3.77 per cent lower in rupee terms over the level of imports valued at $37.47 billion (Rs228,191.26 crore) in August 2014.
The cumulative value of imports for April-August 2015-16 stood at $168.61 billion (Rs1,076,178.14 crore) against $190.75 billion (Rs1,145,604.44 crore), registering a negative growth of 11.61 per cent in dollar terms and a 6.06 per cent decline in rupee terms over the same period last year.
Oil imports during August 2015 were valued at $7.36 billion, which was 42.59 per cent lower than oil imports valued at $12.81 billion in the corresponding period last year.
Oil imports during April-August 2015-16 were valued at $41.50 billion, which was 38.79 per cent lower than oil imports worth $67.81 billion in the corresponding period last year.
Non-oil imports during August 2015 were estimated at $26.37 billion, which was 7.01 per cent higher than non-oil imports of $24.66 billion in August 2014.
Non-oil imports during April-August 2015-16 were valued at $127.11 billion, which was 3.39 per cent higher than the level of such imports valued at $122.94 billion in April-August 2014-15.
Trade deficit for April-August 2015-16 was estimated at $57.52 billion, which was marginally lower than the deficit of $58.22 billion during April-August 2014-15.
