India’s FY18 merchandise trade deficit hits $156.83 billion

India added an estimated $13.69 billion to its merchandise trade deficit in March 2018, taking its overall trade deficit to a whopping $156.83 billion for the 2017-18 financial year.

Overall exports from the country recorded a growth of 9.78 per cent in 2017-18 are hitting $302.84 billion, official data released today showed.

Against this, merchandise imports into the country grew at a faster pace of 19.59 per cent in the 2017-18 fiscal, leaving a gap of $156.83 billion for the entire fiscal.

Merchandise exports from the country during March 2018 were valued at $29.11 billion (Rs1,89,271.16 crore) in March 2018 compared to $29.30 billion (Rs1,93,028.91 crore ) during March 2017, showing a negative growth of 0.66 per cent in dollar terms and a 1.95 per cent fall in rupee terms.

Cumulative value of exports for the period April-March 2017-18 stood at $302.84 billion (Rs19,52,168.79 crore) against $275.85 billion (Rs18,49,428.76 crore) - a growth of 9.78 per cent in dollar terms and a 5.56 per cent growth in rupee terms.

Export of non-petroleum and non-jewellery items in March 2018 were valued at $22.42 billion against $21.44 billion in March 2017, an increase of 4.60 per cent.

For the whole fiscal, export of non-petroleum and non-jewellery exports during April-March 2017-18 were valued at $222.45 billion compared to $200.89 billion for the corresponding period in 2016-17, an increase of 10.73 per cent.

Imports into the country during March 2018 were valued at $42.80 billion (Rs278,296.95 crore), which was 7.15 per cent higher in dollar terms and 5.75 per cent higher in rupee terms over the level of imports valued at $39.95 billion (Rs263,155.49 crore) in March 2017.

Cumulative value of imports for the period April-March 2017-18 period stood at $459.67 billion (Rs2962897.70 crore) against $384.36 billion (Rs25,77,665.59 crore), posting a growth of 19.59 per cent in dollar terms and a 14.94 per cent growth in rupee terms over the same period last year.

India’s oil imports during March 2018 were valued at $11.11 billion which was 13.92 per cent higher than oil imports valued at $9.75 billion in March 2017. Oil imports during April-March 2017-18 were valued at $109.11 billion, which was 25.47 per cent higher than oil imports of $86.96 billion in the corresponding period last year.

Non-oil imports during March 2018 were estimated at $31.69 billion, which was 4.96 per cent higher than non-oil imports of $30.20 billion in March 2017. Non-oil imports during April-March 2017-18 were valued at $350.56 billion, which was 17.88 per cent higher than the level of such imports valued at $297.39 billion in April-March, 2016-17.