India’s trade deficit peaks at nearly $21 billion in October alone
12 Nov 2012
India imported goods and services worth an estimated $44.21 billion in October 2012 against exports of 23.25 billion, registering the highest monthly trade deficit of $20.96 billion and a cumulative current account deficit of $110. 21 billion during the April-October 2012-13 period.
India's imports during October 2012 were valued at $44.21 billion (Rs2,34,409.93 crore), which showed a growth of 7.37 per cent in dollar terms and a 15.58 per cent growth in rupee terms against imports valued at $41.18 billion (Rs2,02,819.70 crore) in October 2011.
Exports from the country during October 2012 were valued at $23.25 billion (Rs1,23,264.20 crore), which was 1.63 per cent lower in dollar terms and 5.89 per cent higher in rupee terms compared to exports worth $23.63 billion (Rs1,16,406.37 crore) during October 2011.
During the first seven months of the financial year (April-September 2012-13) the country imported goods and services worth $277.14 billion (Rs15,07,202.58 crore) against cumulative imports of $284.72 billion (Rs13,04,631.60 crore) – a negative growth of 2.66 per cent in dollar terms and a 15.53 per cent growth in rupee terms over the same period last year.
Cumulative value of exports for the April-October 2012 -13 period was $166.92 billion (Rs9,08,340.19 crore) against $177.92 billion (Rs8,14,708.35 crore) - a negative growth of 6.18 per cent in dollar terms and an 11.49 per cent growth in rupee terms over the same period last year.
Crude oil continued to be at the top of India's import basket during October 2012 as well with imports valued at $14.79 billion – a 31.61 per cent increase from oil imports valued at $11.23 billion in the corresponding period last fiscal.
