Reflecting the sluggish global commodity prices, especially of petroleum products, rice, iron ore, oil meal and leather products, India's merchandise exports contracted for the eighth month running in July, registering a 10.3 per cent drop over last year. While exports came in at $23.1 billion, Imports too fell 10.3 per cent to $35.95 billion and the trade deficit widened to $12.8 billion in July from $10.8 billion in June. However, compared with July last year, when it was $ 14.27 billion, the deficit has narrowed. The trade deficit for April-July, 2015-16 was estimated at $45 billion compared with $47.5 billion in the period during April-July, 2014-15.
Exports during July, 2015 were valued at $23137.26 million, 10.30 per cent lower in Dollar terms than the level of $25792.68 million during July, 2014. In rupee term Exports were of Rs 147233.94 crore, 4.95 per cent lower in compared to Rs.154907.25 crore in the same period last year. Cumulative value of exports for the period April-July 2015-16 was US $ 89828.16 million as against $105726.16 million, registering a negative growth of 15.04 per cent in Dollar terms and in rupee term it stood at Rs 570549.18 crore compared to Rs 632793.07 crore, down by 9.84 per cent in the same period last year.
Imports during July, 2015 were valued at $35949.72 million in Dollar terms, lower by 10.28 per cent at $ 40068.01 million. In rupee term the Imports stood at Rs 228766.07 crore, lower by 4.94 per cent from Rs 240642.83 crore in July, 2014. Cumulative value of imports for the period April-July 2015-16 was $134866.28 million as against $ 153274.90 million, registering a negative growth of 12.01 per cent. In rupee terms inports valued at Rs 856596.37 crore compared to Rs 917413.18 crore, down by 6.63 per cent in the same period last year.
Oil imports during July, 2015 were valued at $9486.93 million, 34.91 per cent lower than oil imports valued at $14574.45 million in the corresponding period last year. Oil imports during April-July, 2015-16 were at $ 34144.90 million which was 37.91 per cent lower than the oil imports of $ 54991.04 million in the corresponding period last year.
Non-oil imports during July, 2015 stood at $26462.79 million, 3.80 per cent higher than non-oil imports of $25493.56 million in July, 2014. Non-oil imports during April-July, 2015-16 were valued at $ 100721.38 million, 2.48 per cent higher than the level of such imports valued at $ 98283.86 million in April-July, 2014-15.
India's exports were hurt because of a stronger currency and going further may suffer in the coming months too on account of the impact of devaluation of the Chinese currency and with global demand not showing any signs of a pickup.
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