India's trade deficit narrows to 10.8 billion in June; exports decline for seventh month

16 Jul 2015 Evaluate

India’s trade deficit narrowed to 10.8 billion in June as compared to 11.7 billion in same month previous year. The trade deficit for April-June, 2015-16 was estimated at $ 32225.66 million which was lower than the deficit of $33083.93 million during April-June, 2014-15. However, country’s exports contracted for the seventh straight month by 15.82 percent to $22.2 billion on account of slump in global demand.

As per the government data, Exports during June, 2015 were valued at $22289.43 million which was 15.82 per cent lower in Dollar terms than the level of $26479.72 million. In rupee terms Exports stood at Rs 142341.88 crore, 10.00 per cent lower, as compared to Rs 158165.21 crore during June, 2014. Cumulative value of exports for the period April-June 2015-16 was $ 66690.90 million as against $80112.30 million, while in rupee term it stood at Rs 423315.24 crore compared to Rs 478928.90 crore, registering a negative growth of 16.75 per cent in Dollar terms and 11.61 per cent in Rupee terms over the same period last year.

The imports also dropped 13.40 percent to $33116.55 million in May as compared to $38242.96 million and in rupee term the level of imports valued at Rs 211484.61 crore, 7.42 per cent lower as compared to Rs 228427.88 crore in June 2014. Cumulative value of imports for the period April-June 2015-16 was $98916.56 million as against $113196.23 million, while in rupee term it was Rs 627830.30 crore against Rs 676694.53 crore, registering a negative growth of 12.61 per cent in Dollar terms and 7.22 per cent in Rupee terms over the same period last year.

Oil imports during June, 2015 were valued at $8676.38 million, 34.97 per cent lower than oil imports valued at $13342.79 million in the corresponding period last year. Oil imports during April-June, 2015-16 were valued at $ 24657.97 million which was 39.54 per cent lower than the oil imports of $ 40785.50 million in the corresponding period last year. Non-oil imports during June, 2015 were estimated at $24440.17 million, 1.85 per cent lower than non-oil imports of $24900.17 million in June, 2014. Non-oil imports during April-June, 2015-16 were valued at $ 74258.59 million which was 2.55 per cent higher than the level of such imports valued at $ 72410.73 million in April-June, 2014-15.

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