Gold import surges more than five-fold to US$ 3.75 billion in September 2014
India's merchandise export rose 2.7% to US$ 28.90 billion in September 2014. However, the merchandise imports surged at more than two-and-half year pace of 26% to US$ 43.15 billion in September 2014. Thus, the trade deficit more than doubled to US$ 14.25 billion in September 2014 from US$ 6.12 billion in September 2013, while also galloped from US$ 10.84 billion in the previous month August 2014.The growth in merchandise imports was supported by more than five-fold jump in gold import to US$ 3.75 billion, while oil imports also galloped 9.7% to US$ 14.5 billion in September 2014. The imports also witnessed surge for electronic goods 18.4% to US$ 3.48 billion, metalliferous ores & other minerals 106% to US$ 0.82 billion, iron & steel 40% to US$ 1.46 billion, artificial resins, plastic materials, etc. 43.7% to US$ 1.17 billion, non-ferrous metal 49.2% to US$ 1.02 billion, silver 225% to US$ 0.48 billion etc.
The oil import share in total imports eased to 33.6% in September 2014. India's basket of crude oil slipped 10.6% to US$ 96.96 per barrel in September 2014 over September 2013.
Exports growth in September 2014 was mainly driven by 20.2% jump in engineering goods exports to US$ 6.49 billion, while exports also moved up for gems & jewellery 11.1% to US$ 4.4 billion, readymade garments 15.9% to US$ 1.29 billion, rice 17.7% to US$ 0.69 billion, organic and inorganic chemicals 7.1% to US$ 1.12 billion.
Merchandise exports in rupee terms declined 1.9% to Rs 175919.53 crore, while imports jumped 20.3% to Rs 262636.3 crore in September 2014 over September 2013. The trade deficit shot up to Rs 86717 crore in September 2014 compared with Rs 39031 crore in September 2013.
India's merchandise export increased 6.5% to US$ 163.7 billion in April-September 2014, while merchandise imports rose 1.6% to US$ 234.1 billion. The non-oil imports rose 0.8% to US$ 151.62 billion in April-September 2014. India's merchandise trade deficit narrowed to US$ 70.4 billion in April-September 2014 from US$ 76.72 billion in April-September 2014. Trade deficit as a percentage of GDP was lower at 3.3% in April-September 2014 compared to 3.9% in April-September 2013.
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