India’s FY’13 trade deficit hits $191 billion

India's trade deficit for fiscal 2012-13 (April-March) rose to an estimated $190.92 billion, against $183.36 billion during April-March 2011-12, 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.

India exported goods and services valued at $30.85 billion (Rs1,67,836.31 crore) in March 2013, which was up 6.97 per cent in dollar terms and 15.65 per cent higher in rupee terms compared with exports worth $28.84 billion (Rs1,45,123.41 crore) in March 2012.

Cumulative value of exports for April-March 2012-13 stood at $300.57 billion (Rs16,35,261.02 crore) against $305.96 billion (Rs14,65,959.40 crore), registering a  negative growth of 1.76 per cent in dollar terms and a growth 11.55 per cent in rupee terms over the same period last year.

Imports during March 2013 were valued at $41.16 billion (Rs2,23,954.98 crore), which was 2.87 per cent lower in dollar terms and up 5.01 per cent in rupee terms compared with imports valued at $42.38 billion (Rs2,13,265.08 crore) in March 2012.

Cumulative value of imports for April-March 2012-13 was $491.49 billion (Rs26,73,113.08 crore), up 0.44 per cent in dollar terms and 13.97 per cent growth in rupee terms against $489.32 billion (Rs23,45,463.25 crore) during the same period last year.

Oil imports during March 2013 were valued at $13.33 billion, which was 16.56 per cent lower than oil imports valued at $15.97 billion in the corresponding period last year. Oil imports during April-March 2012-13 were valued at $169.25 billion, which was 9.22 per cent higher than oil imports worth $154.97 billion in the corresponding period last year.

Non-oil imports during March 2013 were estimated at $27.84 billion, which was 5.41 per cent higher than non-oil imports worth $26.41 billion in March2012. Non-oil imports during April-March 2012-13 were valued at $322.23 billion, which was 3.62 per cent lower than the level of such imports valued at $334.35 billion in April-March 2011-12.

In a bid to boost sagging exports, the government has widened and extended the zero duty export promotion capital goods scheme besides widening the 2 per cent interest subvention scheme to cover more products