India's FY19 trade deficit hits $176.42 billion

India added $10.89 billion to its merchandise trade deficit in March, taking the annual shortfall in exports to $176.42 billion, trade figures released by the commerce ministry showed. Trade deficit for the 2018-19 financial year is up nearly 9 per cent compared to the previous financial year.

Trade deficit for March 2019, however, was lower on the back of an 11.02 per cent increase in the country’s exports to $32.55 billion. Imports into the country during the month were up 1.44 per cent at $43.44 billion.
Exports from the country in March 2019 stood at $32.55 billion (Rs2,26,138.76 crore), compared to $29.32 billion (Rs190,619.25 crore) in March 2018, showing a growth of 11.02 per cent in dollar terms and an 18.63 per cent growth in rupee terms.
Cumulative value of exports for the April-March 2018-19 period stood at $331.02 billion (Rs23,14,429.08 crore) against $303.53 billion (Rs19,56,514.53 crore) during April-March 2017-18, a growth of 9.06 per cent in dollar terms and an 18.29 per cent growth in rupee terms.
Exports of non-petroleum and non-gems and jewellery items in March 2019 stood at $25.59 billion, compared to $22.57 billion in March 2018, showing a growth of 13.41 per cent. Overall exports of such items during April-March 2018-19 increased by 8.24 per cent to $243.02 billion, compared to $224.52 billion in April-March 2017-18.
India’s imports in March 2019 stood at $43.44 billion (Rs3,01,814.05 crore), which was 1.44 per cent higher in dollar terms and 8.39 per cent higher in rupee terms compared to imports worth $42.82 billion (Rs2,78,441.24 crore) in March 2018. Cumulative value of imports for April-March 2018-19 stood at $507.44 billion (Rs35,48,004.48 crore), against $465.58 billion (Rs30,01,033.43 crore) during April-March 2017-18, a growth of 8.99 per cent in dollar terms and an 18.23 per cent growth in rupee terms.
Oil imports in March 2019 stood at $11.75 billion (Rs81,609.46 crore), which was 5.55 per cent higher in dollar terms and 12.78 per cent higher in rupee terms, compared to $11.13 billion (Rs72,359.44 crore) in March 2018. Oil imports in April-March 2018-19 stood at $140.47 billion (Rs9,83,147.76 crore), showing a 29.27 per cent increase in dollar terms and a 40.39 per cent increase in rupee terms compared to oil imports worth $108.66 billion (Rs7,00,320.81 crore), over the same period last year.
Non-oil imports in March 2019 were estimated at $31.69 billion (Rs2,20,204.59 crore), which was at-par in dollar terms and up 6.85 per cent in rupee terms, compared to imports valued at $31.69 billion (Rs2,06,081.80 crore) in March 2018. Non-oil imports in April-March 2018-19 stood at $366.97 billion (Rs25,64,856.72 crore), which was 2.82 per cent higher in dollar terms and 11.48 per cent higher in rupee terms, compared to non-oil imports of $356.92 billion (Rs23,00,712.62 crore) in April-March 2017-18.