India's April-November trade deficit zooms to $84.34 billion

India's trade deficit rose nearly 60 per cent to $84.34 billion during April-November 2008-09 against $53.19 billion in the same period in the previous year, with cumulative value of imports rising to $203.642 billion (Rs897,246 crore) and exports from the country declining to $119.301 billion (Rs523,879 crore).

India's exports dropped for a second month with shipments from the country down 9.9 per cent at $11.505 billion in November 2008 against $12.768 billion in November 2007, latest trade data showed.

Merchandise exports from the country had fallen 12.1 per cent in October as well, registering the sharpest fall in 10 years, amidst a global economic slowdown triggered by a US financial market meltdown.

India's Imports during November 2008 were valued at $21.571 billion, representing an increase of 6.1 per cent over imports valued at  $20.329 billion in November 2007. In rupee terms, imports increased by 31.8 per cent.

Cumulative value of exports for the period April-November, 2008 was $119.301 billion (Rs523,879 crore) as against $99.912 billion (Rs404,417 crore), registering a growth of 19.4 per cent in dollar terms and 29.5 per cent in rupee terms over the same period last year.

Cumulative value of imports for April-November 2008 was $203.642 billion (Rs897,246 crore) as against $153,109 million (Rs620,050 crore), registering a growth of 33.0 per cent in dollar terms and 44.7 per cent in rupee terms over the same period last year.

The trade deficit for the period has mounted to $84.34 billion from $53.19 billion – a near 60 per cent growth.

Oil imports during November 2008 were valued at $7.254 billion, which was 11.9 per cent higher than oil imports valued at $6.483 billion in the corresponding period last year.  Oil imports during April-November 2008 were valued at $74.114 billion, which was 55.7 per cent higher than the oil imports of $47.597 billion in the corresponding period last year.

Non-oil imports during November 2008 were estimated at $14.318 million which was 3.4 per cent higher than non-oil imports of $13.846 billion in November 2007. Non-oil imports during April-November 2008 were valued at $129.528 billion which was 22.8 per cent higher than the level of such imports valued at $105.511 billion in April-November 2007.