Non-oil imports decline aiding narrowing of trade deficit
India's exports increased 13.47%, while imports dipped 14.50%. With the sharp decline in imports, the trade deficit narrowed further to $10556.05 million in October 2013. While on monthly basis the trade deficit increased.Exports growth maintained double-digit growth rate for fourth sequential month in October 2013, reporting a growth of 13.47% (y-o-y basis) while imports declined by 14.50% (y-o-y basis) in October 2013 with the dip in non-oil imports while oil imports recorded a rise.
Oil imports during October 2013 were valued at US $ 15217.6 million which was 1.7% higher than oil imports valued at US $ 14957.7 million in the corresponding period last year. Oil imports during April-October 2013-14 were valued at US $ 98093.7 million which was 3.3% higher than the oil imports of US $ 94969.2 million in the corresponding period last year.
Non-oil imports during October 2013 were estimated at US $ 22609.4 million which was 22.80% lower than non-oil imports of US $ 29286.1 million in October 2012. Non-oil imports during April-October 2013-14 were valued at US $ 171965.0 million which was 7.43% lower than the level of such imports valued at US $ 185768.5 million in April-October 2012-13.
Commerce Ministry has targeted the exports of $ 325 billion for FY2014.
Exports during October 2013 were valued at US $ 27270.97 million (Rs.168031.71 crore) which was 13.47% higher in Dollar terms (31.86% higher in Rupee terms) than the level of US $ 24032.90 million (Rs. 127431.81 crore) during October 2012. Cumulative value of exports for the period April-October 2013 -14 was US $ 179376.37 million (Rs 1069226.68 crore) as against US $ 168706.81 million (Rs 918270.21 crore) registering a growth of 6.32% in Dollar terms and growth of 16.44% in Rupee terms over the same period last year.
Imports during October 2013 were valued at US $ 37827.02 million (Rs.233073.43 crore) representing a negative growth of 14.50% in Dollar terms and a negative growth of 0.65% in Rupee terms over the level of imports valued at US $ 44243.75 million (Rs. 234597.63 crore) in October, 2012. Cumulative value of imports for the period April-October 2013-14 was US $ 270058.66 million (Rs. 1598772.73 crore) as against US $ 280737.65 million (Rs. 1527088.62 crore) registering a negative growth of 3.80% in Dollar terms and growth of 4.69% in Rupee terms over the same period last year.
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The trade deficit in the first seven months of the current fiscal was US $ 90682.29 million, lower than the deficit of US $ 112030.84 million in the first half of the last fiscal.
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