India’s trade deficit crosses $50 bn in three months

India added $12.25 billion to its trade deficit in June 2013, taking the country's negative trade balance for the first three months of the current fiscal (April-June 2013-14) to $50.18 billion, an 18.88 per cent increase from the trade deficit of $42.22 billion in April-June 2012-13.

Obviously the falling rupee did not help to increase the rupee value of its exports while imports became costlier.

India imported goods and services worth a total $36.03 billion (Rs2,10,433.14 crore) in June 2013, which showed an increase of 0.37 per cent in dollar terms and a 3.84 per cent rise in rupee terms compared with imports worth $36.17 billion (Rs2,02,647.54 crore) in June 2012.

Cumulative value of imports during the first quarter of the current fiscal (April-June 2013-14) stood at $122,64 billion (Rs6,84,167.73 crore) against imports valued at $115.71 billion (Rs6,25,872.80 crore) in April-June 2-12-13, an increase of 5.99 per cent in dollar terms and a 9.31 per cent increase in rupee terms.

Exports during June 2013, on the other hand, stood at $23.79 billion (Rs1,38,901.73 crore), down 4.56 per cent in dollar terms and down 0.53 per cent in rupee terms compared with exports valued at $24.92 billion (Rs1,39,644.68 crore) in June 2012.

Cumulative value of exports during April-June 2013--14 stood at $72.46 billion (Rs4,05,104.78 crore) against exports worth $73.49 billion (Rs3,97,884.01 crore) in April-June 2012-13, a negative growth of 1.41 per cent in dollar terms and a growth of 1.81 per cent in rupee terms year-on-year.

Crude oil continued to be the major item in India's import basket with imports valued at $12.77 billion in June 2013, which was 13.74  per cent higher than oil imports valued at $11.23 billion in the corresponding period last year.

Oil imports during April-June 2013-14 were valued at $41.88 billion, which was 6.40 per cent higher than oil imports of $39.36 billion in the corresponding period last year.

Other (non-oil) imports during June 2013 were valued at an estimated $23.27 billion, down 6.71 per cent from such imports worth $24.94 billion in June 2012.

Non-oil imports during April-June 2013-14 were valued at $80.76 billion, which were 5.78 per cent higher than the level of such imports valued at $76.35 billion in April-June 2012-13.