India's merchandise imports grew at a faster pace of 10.70 per cent in January 2017 while its exports grew at a slower pace of 4.32 per cent during the month. However, the country's trade deficit for April-January 2016-17 is estimated to be lower at $86.39 billion, down 19.82 per cent compared to the deficit of $107.74 billion during April-January 2015-16.
India's exports continued to grow for a fourth consecutive month rising 4.32 per cent year-on-year in January 2017 to $22.12 billion and by 5.61 per cent in rupee terms to Rs150,559.98 crore compared to $21.20 billion (Rs142,568.31 crore) during January,2016.
Cumulative exports for the period April-January 2016-17 stood at $220.92 billon (Rs1,484,473.55 crore) against $218.53 billion (Rs1,420,572.68 crore) showing a growth of 1.09 per cent in dollar terms and a 4.50 per cent growth in rupee terms over the same period last year.
Non-petroleum exports in January 2017 were valued at $19.42 billion against $19.11 billion in January 2016, an increase of 1.6 per cent. Non-petroleum exports during April-January 2016-17 grew 2.2 percent to $196.25 billion compared to $192.07 billion for the corresponding period in 2016.
Imports during January 2017 were still higher at $31.96 billion (Rs217,557.32 crore) growing at 10.70 per cent in dollar terms and at 12.07 per cent in rupee terms over the level of imports valued at $28.87 billion (Rs194,134.02 crore) in January 2016.
Cumulative value of imports for the period April-January 2016-17 stood at $307.31 billion (Rs2,065,656.42 crore) against $326.28 billion (Rs2,120,158.57 crore) registering a negative growth of 5.81 per cent in dollar terms and 2.57 per cent in rupee terms over the same period last year.
Oil imports during January 2017 were valued at $8.14 billion which was 61.07 per cent higher than oil imports valued at $5.05 billion in January 2016.
Oil imports during April-January 2016-17 were valued at $69.06 billion, which is 5.81 per cent lower than the oil imports of $73.32 billion in the corresponding period last year.
Non-oil imports during January 2017 were estimated at $23.82 billion, which is 0.01 per cent higher than non-oil imports of $23.81 billion in January 2016.
Non-oil imports during April-January 2016-17 were valued at $238.25 billion, which is 5.81 per cent lower than the level of such imports valued at $252.96 billion in April-January 2015-16.