India’s April-October trade deficit a tad lower at $84 billion

India added $13.35 billion to its trade deficit during October to take the country's total trade deficit during April-October 2014-15 to an estimated at $83.76 billion, which was slightly lower than the deficit of $87.32 billion during April-October 2013-14.

The country imported goods worth $39.45 billion in October 2014, which was $13.35 billion higher compared to its exports valued at $26.10 billion during the month. The trade gap, however, was lower than that of the previous month when it was $14.24 billion.

India's exports saw negative growth, declining 5.04 per cent year-on-year in October due to a dip in shipments from major sectors such as engineering, pharma and gem and jewellery.

On the other hand, gold imports jumped manifold to $4.17 billion, pushing up the trade deficit to $13.35 billion in October 2014 from $10.59 billion in October 2013.

Overall imports during October 2014 were valued at $39.45 billion (Rs242,003.58 crore), showing a growth of 3.62 per cent in dollar terms and  a growth of 3.16 per cent in rupee terms over imports valued at $38.08 billion (Rs234,601.50 crore) in October 2013.

Cumulative imports for the April-October 2014-15 period stood at $273.55 billion (Rs1,651,470.41 crore) against $268.55 billion (Rs1,590,363.03 crore) in April-October 2013-14, showing a growth of 1.86 per cent in dollar terms and growth of 3.84 per cent in rupee terms over the same period last year.

Exports, including re-exports, during October 2014 were valued at $26.10 billion (Rs160,066.25 crore) which was 5.04 per cent lower in dollar terms and 5.47 per cent lower in rupee terms compared to exports valued at $27.48 billion (Rs169,320.47 crore) during October 2013.

Cumulative value of exports for the period April-October 2014-15 stood at $189.80 billion (Rs1,145,605.36 crore) against $181,23 billion (Rs1,080,203.41 crore) in April-October 2013-14, showing a growth of 4.72  per cent in dollar terms and a 6.05 per cent growth in rupee terms over the same period last year.

Imports of oil, the single-largest item in India's import basket, were valued at $12.37 billion during October 2014, which was 19.2 per cent lower than oil imports valued at $15.29 billion in the corresponding period last year, mainly due to a big dent in crude prices.

Oil imports during April-October 2014-15 were valued at $94.84 billion, which was 0.5 per cent lower than the oil imports worth $95.31 billion in the corresponding period of the previous fiscal year.

Non-oil imports during October 2014 accounted for an estimated $27.09 billion, which was 18.9 per cent higher than such imports worth $22.78 billion in October 2013.

Non-oil imports during April-October 2014-15 were valued at $178.71 billion, up 3.2 per cent from such imports valued at $173.25 billion in April-October 2013-14.