India’s April-Sept trade deficit down $11.69 bn at $80.13 bn

India accumulated trade deficit of an estimated $80.13 billion during April-September 2013-14, down $11.69 billion (or 14.59 per cent) from the deficit of $91.82 billion during April-September 2012-13.

The year-on-year decline in trade deficit was due mainly to the continued decline in imports, which pushed trade deficit in September to $6.7 billion, the lowest level since March 2011.

Trade deficit stood at $10.9 billion in August 2013, trade ministry said.

India imported goods and services valued at $34.44 billion (Rs2,19,559.04 crore) during September 2013, which showed a negative growth of 18.10 per cent in dollar terms and a 4.38 per cent decline in rupee terms over imports valued at $42.05 billion (Rs2,29,624.04 crore) in September 2012.

Cumulative value of imports for the period April-September 2013-14 stood at $232.23 billion (Rs13,65,699.30 crore) against $236.49 billion (Rs12,92,490.99 crore) during April-September 2012-13, which showed a negative growth of 1.80 per cent in dollar terms and a growth of 5.66 per cent in rupee terms year-on-year.

Merchandise exports from the country during September 2013 were valued at $27.68 billion (Rs176,461.53 crore), which was 11.15 per cent higher in dollar terms and 29.77 per cent higher in rupee terms compared to exports valued at $24.90 billion (Rs135,978.63 crore) during September 2012.

September merchandise exports also posted a third straight month of annual growth, which in turn strengthened the outlook for the rupee.

Cumulative value of exports for the period April-September 2013 -14 stood at $152.11 billion (Rs9,01,194.97 crore) against $144.67 billion (Rs7,90,838.40 crore) during April-September 2012-13, showing a growth of 5.14 per cent in dollar terms and a 13.95 per cent increase in rupee terms over the same period last year.

Oil imports, which form the biggest single component of the country's import basket, were valued at $13.20 billion during September 2013, which showed a 5.94 per cent decline from oil imports valued at $14.03 billion during the corresponding period last year.

Oil imports during April-September 2013-14 were valued at $82.88 billion, which was 3.58 per cent higher than oil imports worth $80.01 billion in the corresponding period last year.

Non-oil imports, which continued its declining trend during September 2013 as well, were estimated at $21.24 billion, a decline of 24.19 per cent compared to non-oil imports of $28.02 billion in September2012.

Non-oil imports during April-September 2013-14 were valued at $149.36 billion, which was 4.55 per cent lower than the level of such imports valued at $156.48 billion in April-September 2012-13.