India’s April-July trade deficit up at $62 bn

India's trade deficit rose to an estimated $62.45 billion during the first four months of the current financial year (April-July 2013-14) despite a 6.20 per cent decline in imports in July 2013.

The increase in trade deficit comes on the back of a $12.27 billion addition to the country's current account deficit in July.

Imports of crude oil and its products continued to be the country's top import item with cumulative (April-July 2013-14) imports of $106.15 billion, which constituted 66.26 per cent of the total imports worth $160.74 billion during the period.

Cumulative trade deficit for April-July 2013-14 was 4.6 per cent higher than the deficit of $59.70 billion during April-July 2012-13.

India imported goods and services worth $38.10 billion (Rs227,759.60 crore) in July 2013, which showed a 6.20 per cent decline in dollar terms and a 1.04 per cent fall in rupee terms compared with imports valued at  $40.62 billion (Rs225,416.80 crore) in July 2012.
 
Cumulative value of imports during April-July 2013-14 was $160.74 billion (Rs911,927.33 crore) against imports of $156.33 billion (Rs851,289.60 crore), which showed a growth of 2.82 per cent in dollar terms and an increase of 7.12 per cent in rupee terms over imports during the same period last year.

Exports during July 2013 were valued at $25.83 billion (Rs154,426.51 crore), which was 11.64 per cent higher in dollar terms and up 20.25 per cent in rupee terms compared with exports valued at $23.40 billion (Rs128,417.33 crore) during July 2012.

Cumulative exports during April-July 2013-14 stood at $98.29 billion (Rs559,531.29 crore), showing a growth of 1.72 per cent in dollar terms and a 6.31 per cent increase in rupee terms over the exports worth $96.63 billion (Rs526,301.34 crore) during the comparable period last year.

Crude oil continued to be the country's top import in July 2013 as well with imports showing an 8.02 per cent growth at $12.71 billion against such imports worth $13.82 billion in the corresponding period last year.

Cumulative imports of crude oil during April-July 2013-14 were valued at  $54.58 billion, which was 2.65 per cent higher than oil imports valued at $53.17 billion in the corresponding period last year.

Non-oil imports during July 2013 were down 5.2 per cent at an estimated $25.39 billion compared with non-oil imports valued at $26.80 billion in July 2012.

Cumulative imports (excluding crude oil and its products) during April-July 2013-14 were valued at $106.15 billion, which was 2.9 per cent higher than the level of such imports valued at $103.15 billion in April-July 2012-13.