Imports growth eases on weak domestic demand
India's exports slowed down to record a growth of 5.86% (partly due to negative base effect), while imports dipped 16.37% in November 2013. With the sharp contraction in imports, the trade deficit narrowed further to $9219.94 million in November 2013.After four sequential months of double digit growth exports reported a growth of 5.86% (y-o-y basis) while imports declined by 16.37% (y-o-y basis) in November 2013 with the dip in both oil and non-oil imports.
Oil imports during November 2013 were valued at $12964.8 million which was 1.1% lower than oil imports valued at $13107.0 million in the corresponding period last year. Oil imports during April-November 2013-14 were valued at $111058.5 million which was 2.8% higher than the oil imports of $108076.3 million in the corresponding period last year.
Non-oil imports during November 2013 were estimated at $20868.4 million which was 23.69% lower than non-oil imports of $27347.0 million in November 2012. Non-oil imports during April-November 2013-14 were valued at $192833.4 million which was 9.5% lower than the level of such imports valued at $213115.4 million in April-November 2012-13.
Exports during November 2013 were valued at $24613.29 million (Rs.154160.39 crore) which was 5.86% higher in Dollar terms (21.04% higher in Rupee terms) than the level of $23250.94 million (Rs. 127358.88 crore) during November 2012. Cumulative value of exports for the period April-November 2013-14 was $203989.66 million (Rs 1223387.07 crore) as against $191957.75 million (Rs 1045629.09 crore) registering a growth of 6.27% in Dollar terms and growth of 17% in Rupee terms over the same period last year.
Imports during November 2013 were valued at $33833.23 million (Rs.211907.66 crore) representing a negative growth of 16.37% in Dollar terms and a negative growth of 4.37% in Rupee terms over the level of imports valued at $40454.01 million (Rs. 221590.06 crore) in November 2012. Cumulative value of imports for the period April-November 2013-14 was $303891.89 million (Rs. 1810680.39 crore) as against $321191.66 million (Rs. 1748678.68 crore) registering a negative growth of 5.39% in Dollar terms and growth of 3.55% in Rupee terms over the same period last year.
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The trade deficit for April-November 2013-14 was estimated at $99902.23 million which was lower than the deficit of $129233.91 million during April-November 2012-13.
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