India’s imports dip 16% in November; trade gap narrows

India's imports grew at a negative 16.3 per cent to $33.83 billion in November 2013, against exports that grew at 5.86 per cent to $24.61 billion, still leaving a negative monthly trade gap of $9.22 billion.

The country's trade deficit for the April-November 2013-14 was estimated at $99.9 billion, which, however, was lower compared to the deficit of $129.23 billion during April-November 2012-13.

India's imports, which continue to be much higher than its imports in absolute terms, were valued at $33.83 billion (Rs2,11,907.66 crore) in November 2013 - a negative growth of 16.37 per cent in dollar terms and a 4.37 per cent drop in rupee terms over the level of imports valued at $40.45 billion (Rs2,21,590.06 crore) in November 2012.

Exports during November 2013 were valued at $24.61 billion (Rs1,54,160.39 crore), which was 5.86 per cent higher in dollar terms and 21.04 per cent higher in rupee terms against exports valued at $23.25 billion (Rs1,27,358.88 crore) during November 2012.

Cumulative value of imports during April-November 2013-14 stood at $303.89 billion (Rs18,10,680.39 crore) against $321.19 billion (Rs17,48,678.68 crore) in April-November 2012-13, registering a negative growth of 5.39 per cent in dollar terms and growth of 3.55 per cent in rupee terms year-on-year.

Cumulative value of exports for the April-November 2013-14 period stood at $203.99 billion (Rs12,23,387.07 crore) against $191.96 billion (Rs10,45,629.09 crore) in April-November 2012-13, showing a growth of 6.27 per cent in dollar terms and a 17 per cent increase in rupee terms year-on-year.

Imports of petroleum and its products was down 1.1 per cent at $12.96 billion during November 2013 against such imports valued at $13.11 billion in the corresponding period last year.

Oil imports during April-November 2013-14 were valued at $111.06 billion, which was 2.8 per cent higher than oil imports of worth $108.08 billion in the corresponding period last year.

At $111.06 billion, oil imports constituted 36.55 per cent of the country's overall imports during the April-November period of the current fiscal.

Non-oil imports during November2013 were estimated at $20.87 billion, which was 23.69 per cent lower than non-oil imports worth $27.35 billion in November2012.

Non-oil imports during April-November 2013-14 were valued at $192.83 billion, which was 9.5 per cent lower than the level of such imports valued at $213.12 billion in April-November 2012-13.

Trade deficit for April-November 2013-14 stood at $99.90 billion, which was lower than the deficit of $129.23 billion during April-November2012-13.