Exports dip 17.5% in October 2015

Trade deficit narrows to US$ 9.77 billion in October 2015

India's merchandise exports continued to decline for the eleventh straight month at 17.5% to US$ 21.35 billion in October 2015 over a year ago. Meanwhile, merchandise imports also dipped 21.2% to US$ 31.12 billion. The trade deficit narrowed 28.1% to US$ 9.77 billion in October 2015 from US$ 14.47 billion in October 2014.

Oil imports plunged 45.3% to US$ 6.85 billion, while non-oil imports also declined 9.9% to US$ 24.27 billion in October 2015 over October 2014. The share of oil imports in total imports was 22% in October 2015. India's basket of crude oil plunged 46.2% to US$ 46.68 per barrel in October 2015 over October 2014.

 

Among the non-oil imports, the major contributors to the overall decline in imports gold imports declining 45.3% to US$ 1.7 billion, silver 51.5% to US$ 0.33 billion, metaliferrous ores 38.9% to US$ 0.59 billion, coal 21.3% to US$ 1 billion, organic & inorganic chemicals 20.6% to US$ 1.28 billion, project goods 27.6% to US$ 0.23 billion, vegetable oil 7.7% to US$ 0.94 billion, iron & steel 4.2% to US$ 1.33 billion, non-ferrous metal 4.2% to US$ 0.86 billion and artificial resins 5.6% to US$ 1.04 billion.

On the other hand, the imports have increased for electronic goods 13.6% to US$ 3.82 billion, transport equipment 30% to US$ 1.47 billion, machinery 4.4% to US$ 2.28 billion and pearls and precious stones 13.9% to US$ 1.54 billion in October 2015.

On exports front, the petroleum products recorded a sharp dip in exports by 57.1% to US$ 2.46 billion, followed by engineering goods 11.6% to US$ 4.58 billion, gems & jewellery 12.8% to US$ 3.49 billion, rice 40.6% to US$ 0.4 billion, chemicals 8.2% to US$ 1.1 billion, cotton yarn / fabric 3.9% to 0.86 billion, marine products 15% to US$ 0.54 billion, and meat and dairy products 11.7% to US$ 0.41 billion. However, the exports improved for, drug and pharmaceuticals 21.5% to US$ 1.49 billion, readymade textiles 3.2% to US$ 1.23 billion, electronic goods 5.1% to US$ 0.5 billion, in October 2015.

Merchandise exports in rupees declined 12.5% to Rs 138917 crore, while imports fell 16.4% to Rs 202461 crore in October 2015 over October 2014. The trade deficit narrowed to Rs 63544 crore in October 2015 compared with Rs 83286 crore in October 2014.

India's merchandise exports dipped 17.6% to US$ 154.29 billion, while merchandise imports fell 15.2% to US$ 232.54 billion in April-October 2015. The decline in imports was driven by a 42.1% plunge in oil imports to US$ 54.98 billion. India's merchandise trade deficit declined to US$ 77.76 billion in April-October 2015 from US$ 86.27 billion in April-October 2014.

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