Trade deficit widens to US$ 11.7 billion in December 2015
India's merchandise exports continued to decline for the thirteenth straight month at 14.7% to US$ 22.30 billion in December 2015 over a year ago. Meanwhile, merchandise imports also fell 3.9% to US$ 33.96 billion. The trade deficit widened 27.1% to US$ 11.7 billion in December 2015 from US$ 9.18 billion in December 2014.Oil imports plunged 33.2% to US$ 6.66 billion, while non-oil imports galloped 7.6% to US$ 27.31 billion in December 2015 over December 2014. The share of oil imports in total imports was 19.6% in December 2015. India's basket of crude oil plunged 41.7% to US$ 35.68 per barrel in December 2015 over December 2014.
Among the non-oil imports, the major contributors to the overall decline in imports were transport equipment imports declining 38.8% to US$ 1.50 billion, coal 34.9% to US$ 0.95 billion, iron & steel 20.7% to US$ 1.32 billion, metaliferrous ores 22.4% to US$ 0.58 billion, fertilizers 20.4% to US$ 0.61 billion, project goods 29.1% to US$ 0.22 billion, organic & inorganic chemicals 5.2% to US$ 1.29 billion, non-ferrous metals 5.5% to US$ 0.84 billion, chemical material & products 7.9% to US$ 0.41 billion and machinery, electrical & non-electrical 1.1% to US$ 2.50 billion.
On the other hand, the imports have increased for pearls, precious stones 1.9% to US$ 1.97 billion, artificial resins 9.7% to US$ 0.97 billion, vegetable oil 34.0% to US$ 1.08 billion, pulses 80.7% to US$ 0.63 billion, silver 158.9% to US$ 0.47 billion, electronic goods 21.0% to US$ 3.82 billion and gold 179.0% to US$ 3.81 billion in December 2015.
On exports front, the petroleum products recorded a sharp dip in exports by 47.7% to US$ 2.46 billion, followed by engineering goods 15.7% to US$ 4.58 billion, rice 35.6% to US$ 3.49 billion, gems & jewellery 7.7% to US$ 0.40 billion, oil meals 82.9% to US$ 1.10 billion, man-made yarn/fabrics/made-ups 22.1% to US$ 0.86 billion, oil seeds 32.1% to US$ 0.54 billion, and meat, dairy & poultry products 12.2% to US$ 0.41 billion.
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However, the exports improved for, electronic goods 0.7% to US$ 0.54 billion, organic & inorganic chemicals 1.1% to US$ 1.22 billion, plastic & linoleum 9.7% to US$ 0.53 billion, RMG of all textiles 5.0% to US$ 1.44 billion, and drugs & pharmaceuticals 8.2% to US$ 1.42 billion, in December 2015.
Merchandise exports in rupees declined 9.5% to Rs 148491 crore, while imports fell 2.0% to Rs 226168 crore in December 2015 over December 2014. The trade deficit increased to Rs 77677 crore in December 2015 compared with Rs 57600 crore in December 2014.
India's merchandise exports dipped 18.1% to US$ 196.60 billion, while merchandise imports fell 15.9% to US$ 295.81 billion in April-December 2015. The decline in imports was driven by a 41.6% plunge in oil imports to US$ 68.07 billion. India's merchandise trade deficit declined to US$ 99.21 billion in April-December 2015 from US$ 111.69 billion in April-December 2014.
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