India’s 7-month trade deficit hits $77.76 bn despite 15% fall in imports

India's trade deficit for April-October 2015-16 stood at an estimated $77.76 billion, despite a 15.17 per cent decline its imports in dollar terms and a 9.62 per cent decline in rupee terms over the same period last year.

Cumulative imports for the period April-October 2015-16 were down 15.17 per cent at $232.05 billion against $273.56 billion in April-October 2014-15 while cumulative exports for April-October 2015-16 stood 17.62 per cent lower at $154.29 billion against $187.29 billion in the comparable period of the previous year.

Trade deficit for the 7-month period, however, was 9.84 per cent lower at $86.27 billion during April-October 2014-15.

Merchandise exports from the country during October 2015 were valued at $21.35 billion (Rs138,916.98 crore) which was 17.53 per cent lower in dollar terms and 12.53 per cent lower in rupee terms compared to exports worth $25.89 billion (Rs158,822.95 crore) during October 2014.

Cumulative value of exports for the period April-October 2015-16 stood at $154.29 billion (Rs992,503.57 crore) against $187.29 billion (Rs1,130,539.38 crore) during April-October 20115, registering a negative growth of 17.62 per cent in dollar terms and a 12.21 per cent decline in rupee terms over the same period last year.

Imports during October 2015 were valued at $31.12 billion (Rs202,460.88 crore), which was 21.15 per cent lower in dollar terms and 16.38 per cent lower in rupee terms over the level of imports valued at $39.47 billion (Rs242,109.24 crore) in October 2014.

Cumulative value of imports for the period April-October 2015-16 stood at $232.05 billion (Rs1,492,679.30 crore) against $273.56 billion (Rs1,651,512.80 crore) during April-Otober 2014-15, registering a negative growth of 15.17 per cent in dollar terms and a 9.62 per cent fall in rupee terms over the same period last year.

Oil imports during October 2015 were valued at $6.85 billion, which was 45.31 per cent lower than oil imports valued at $12.52 billion in the corresponding period last year.

Oil imports during April-October 2015-16 were valued at $54.98 billion, which was 42.07 per cent lower than oil imports of $94.90 billion in the corresponding period last year.

Non-oil imports during October 2015 were estimated at $24.27 billion, which was 9.93 per cent lower than non-oil imports worth $26.95 billion in October 2014.

Non-oil imports during April-October 2015-16 were valued at $177.08 billion, which was 0.89 per cent lower than the level of such imports valued at $178.66 billion in April-October 2014-15.