India opens FY’14 with a trade deficit of $17.79 billion in April

India opened the 2013-14 financial year with a 26.68 per cent year-on-year increase in its trade deficit, at an estimated $17.787 billion in April 2013, against the corresponding trade deficit of $14.041 billion in April 2012.

The country imported goods and services valued at $41.952 billion (Rs228,115.45 crore) in April 2013, which was up 10.96 per cent in dollar terms and up 16.45 per cent in rupee terms compared to imports valued at $37.807 billion (Rs195,888.18 crore) in April 2012.

Exports from the country during April 2013 were valued at $24.164 billion (Rs131,395.43 crore), which was 1.68 per cent higher in dollar terms and up 6.71 per cent in rupee terms compared to exports valued at $23.766 billion (Rs123,137.36 crore) during April 2012.

The share of crude oil imports in overall imports during April 2013 also rose 3.92 per cent year-on-year to $14.085 billion in April 2013 compared with oil imports valued at $13.554 billion in the corresponding month last year. 

Non-oil imports during April 2013 also rose 14.90 per cent to an estimated $27.867 billion in April 2013 against such imports valued at $24.254 billion in April 2012.

Trade deficit for April 2013 has been estimated at $17.787 billion against the deficit of $14.041 billion during April 2012.

India ended fiscal 2012-13 (April-March) with an estimated trade deficit of $190.92 billion, amidst a steady decline in the country's exports and rising costs of its crude and gold imports.

Oil imports constituted 34.43 per cent of the country's total imports during the fiscal while the value of oil imports rose to $169.25 billion in 2012-13 from $154.97 billion in 2011-12, showing a 9.22 per cent growth from oil imports worth $154.97 billion in the last fiscal.