India’s trade deficit vaults nearly 133% to $14.25 billion in September
14 Oct 2014
India's trade deficit rose 132.71 per cent year-on-year to $14.247 billion in September, from $6.122 billion in September 2013, taking the country's trade deficit for April-September 2014-15 to an estimated $70.40 billion.
Trade deficit for the first half of the fiscal, however, was still lower than the deficit of $76.72 billion during April-September 2013-14.
This phenomenal increase in trade deficit has been mainly due to a rise in imports without adequate rise in exports. Imports were driven by an unusually high 449.7 per cent growth in gold imports and a 105.6 per cent increase in imports of metalliferous ores and other minerals over the same period last year, an official release said.
Both these items have a high value in the import basket with gold having a value of $3.75 billion and metalliferous ores and other minerals having a value of $817.79 million in September 2014, it added.
India's imports during September 2014 were valued at $43.15 billion (Rs262,636.30 crore), which showed a growth of 25.96 per cent in dollar terms and a growth of 20.25 per cent in rupee terms over the corresponding level of imports valued at $34.26 billion (Rs218,403.50 crore) in September 2013.
Cumulative value of imports for the period April-September 2014-15 stood at $234.10 billion (Rs1,409,466.83 crore) against $230.48 billion (Rs1,355,761.53 crore), posting a growth of 1.57 per cent in dollar terms and growth of 3.96 per cent in rupee terms over the same period last year.
Exports during September 2014 were valued at $28.90 billion (Rs175,919.53 crore), which was 2.73 per cent higher in dollar terms and 1.92 per cent lower in rupee terms compared to exports worth $28.14 billion (Rs179,372.28 crore) during September 2013.
Cumulative value of exports for the period April-September 2014-15 stood at $163.70 billion (Rs985,539.11 crore) against $153.75 billion (Rs910,882.94 crore), showing a growth of 6.47 per cent in dollar terms and a growth of 8.20 per cent in rupee terms over the same period last year.
Oil imports, so far the biggest single item in India's import basket, were valued at $14.50 billion in September 2014, which was 9.7 per cent higher than oil imports valued at $13,21 billion in the corresponding period last year.
Oil imports during April-September 2014-15 were valued at $82.48 billion, which was 3.1 per cent higher than the oil imports of $80.01 billion in the corresponding period last year.
Non-oil imports during September 2014 were estimated at $28.65 billion, which was 36.2 per cent higher than such imports worth $21.05 billion in September 2013.
Non-oil imports during April-September 2014-15 were valued at $151.62 billion, which was 0.8 per cent higher than the level of such imports valued at $150.47 billion in April-September 2013-14.