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  3. India's trade deficit dips to 30 month low at $6.76 billion in September

India's trade deficit dips to 30 month low at $6.76 billion in September

09 Oct 2013 Evaluate

Offering further solace to Indian currency, trade deficit narrowed to a two-and-a-half-year low at $6.76 billion in September, compared with $10.9 billion in August, after India’s exports posted double digit growth for third consecutive month, and with imports sliding for the fourth month in a row.

India’s exports during September, 2013 grew by 11.15% at $27.68 billion as compared to $24.90 billion during September 2012 thanks to stronger demand from Western nations and increased competitiveness thanks to the weaker rupee. While exports slid by 18.1% year-on-year to $34.44 billion against the level of $42.05 billion in September, 2012. The steep decline of imports for fourth consecutive month was witnessed on account of sharp slide of gold imports to $0.8 billion in September as compared to $4.6 billion in September 2012, as both government and the Reserve Bank of India’s clamped down on gold imports after the rupee had slipped to record low levels.

India, also the world’s biggest buyer of gold, has raised the import duty on gold three times this year, taking it to 10%, and in July the government told importers that a fifth of their purchases would have to be turned around for export, leaving only 80 percent for domestic use.

Further, trade deficit for April-September, 2013-14 stood at $80.12 billion was lower by 12.74% than the deficit of $91.82 billion during the corresponding period of the previous year, with exports growing by mere 5.14% at $152.10 billion and imports sliding by 1.80% at $232.23 billion during April-September 2013 as compared to corresponding period of the previous year.

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