India's exports slip for 2nd straight month in August, trade deficit decline by 38%

16 Sep 2016 Evaluate

Falling for the second month in a row, India’s merchandise exports stood at $ 21518.60 million, down by 0.3 per cent in month of August 2016, as compared to $21582.67 million in August 2015, primarily due to a decline in shipments of products like petroleum and leather. However, in rupee term the exports during the month stood at Rs 144044.67 crore, which was 2.56 per cent higher compared to Rs140443.43 crore during August,2015. Cumulative value of exports for the period April-August 2016-17 was $ 108519.94 million as against $ 111853.88 million registering a negative growth of 2.98 per cent, while in rupee terms it stood at Rs 726776.04 crore compared to Rs 713808.46 crore over the same period last year, showing a positive growth of 1.82 per cent.

The country's imports too declined during the month and stood at $ 29192.74 million, down by 14.09 percent as compared to $ 33981.73 million in August 2015. In rupee term too the Imports declined to Rs 195415.03 crore from Rs 221126.92 crore in August,2015, mainly due to fall in global crude oil prices. Cumulative value of imports for the period April-August 2016-17 was $ 143189.49 million as against $ 170234.30 million registering a negative growth of 15.89 per cent, while in rupee terms it stood at Rs.959102.25 crore against Rs 1086515.26 crore, over the same period last year down by 11.73 per cent.

Oil imports during August, 2016 were valued at $ 6743.85 million, down 8.47 percent from oil imports of $ 7367.75 million in the corresponding period last year. Oil imports during April-August, 2016-17 were valued at $ 32410.81 million, 22.08 per cent lower than the oil imports of $ 41593.53 million in the corresponding period last year.

Non-oil imports during August, 2016 were estimated at $ 22448.89 million, 15.65 per cent lower than non-oil imports of $ 26613.98 million in August, 2015. Non-oil imports during April-August 2016-17 were valued at $ 110778.68 million, 13.89 per cent lower than $ 128640.77 million in April-August, 2015-16.

The trade deficit for August 2016 declined by 38 per cent to $7674.14 million as compared to $12399.06 million in August 2015, the lowest in last three months and mainly due to lower import of gold. The trade gap however has narrowed to $7674.14 for the month this year from $ 12399.06 million in the corresponding period of last year.

The main export sectors which recorded negative growth in the month include petroleum (14%), leather (7.82%) and chemicals (5%). Further, dip in gold imports also helped in bridging the trade gap. Exports were in negative zone between December 2014 and May 2016 due to weak global demand and slide in oil prices. Shipments witnessed growth only in June this year thereafter again entered into negative zone in July.

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