India’s annual trade deficit seen lower at $105.72 billion

India added $10.44 billion to its merchandise trade deficit in March, taking the annual trade deficit for April-March 2016-17 to an estimated $105.72 billion, which, however, is 10.95 per cent lower compared to the deficit of $118.72 billion during April-March 2015-16.

While exports in March grew at 25.41 per cent, continuing the double-digit growth exhibited during February 2017, imports continued to grow at a faster pace of 45.25 per cent in dollar terms.

Exports during March 2017 have shown a significant growth of 27.59 per cent in dollar terms at $29.23 billion compared to $22.91 billion during March 2016. In rupee terms, exports during March 2017 were valued at Rs192,571.13 crore compared to Rs153,558.85 crore during March 2016, showing a growth of 25.41 per cent.

Cumulative exports from the country during April-March 2016-17 were valued at $274.64 billion (Rs1,841,314.39 crore) against $262.29 billion (Rs1,716,377.99 crore) - a growth of 4.71 per cent in dollar terms and a growth of 7.28 per cent in rupee terms over the same period last year.

Non-petroleum and non-gems and jewellery exports in March 2017 were valued at $21.42 billion against $17.07 billion in March 2016, an increase of 25.5 per cent. Non-petroleum and non-gems and jewellery exports during April-March 2016-17 were valued at $200.56 billion compared to $192.42 billion for the corresponding period in 2016, an increase of 4.2 per cent.

Imports during March 2017 were valued at $39.67 billion (Rs261,327.71 crore) which was 45.25 per cent higher in dollar terms and 42.77 per cent higher in rupee terms over the level of imports valued at $27.31 billion (Rs183,038.67 crore) in March 2016.

Cumulative imports into the country during April-March 2016-17 stood at $380.37 billion (Rs2,550,926.19 crore) against $381.00 billion (Rs2,490,298.03 crore), which was however lower by 0.17 per cent in dollar terms and higher by 2.43 per cent in rupee terms over the same period last year.

Oil imports during March 2017 were valued at $9.71 billion, which was 101.43 per cent higher than oil imports valued at $4.82 billion in March 2016.

Oil imports during April-March 2016-17 were valued at US$ 86457.87 million which was 4.24 per cent higher than oil imports worth $82.94 billion in the corresponding period last year.

Non-oil imports during March 2017 were estimated at $29.96 billion, which was 33.21 per cent higher than non-oil imports of $22.49 billion in March 2016. Non-oil imports during April-March 2016-17 were valued at $293.91 billion, which was 1.39 per cent lower than the level of such imports valued at $298.06 billion in April-March 2015-16.