India’s July trade deficit hits a 5-year high of $18.02 billion
14 Aug 2018
India’s merchandise trade deficit for July 2018 rose to a five-year high of 18.02 billion against the deficit of $11.45 billion during July 2017, figures released by the commerce ministry showed.
In June, the trade deficit stood at $16.6 billion.
Merchandise exports last month rose to $25.77 billion from a year ago, while imports rose 28.81 per cent to $43.79 billion. Though merchandise exports rose 14.32 per cent year-on-year in July, the trade deficit widened as oil imports surged 57.41 per cent to $12.35 billion.
Exports during July 2018 were valued at $25.77 billion compared to $22.54 billion during July 2017 showing a positive growth of 14.32 per cent. In rupee terms, exports were valued at Rs1,77,041.47 crore in July 2018 compared to Rs1,45,308.10 crore during July 2017, showing a positive growth of 21.84 per cent.
Cumulative value of exports for the period April-July 2018-19 stood at $108.24 billion (Rs7,29,823.08crore) against $94.76 billion (Rs6,10,780.14 crore) showing a positive growth of 14.23 per cent in dollar terms and 19.49 per cent rise in rupee terms over the same period last year.
Non-petroleum and non-gems and jewellery exports during July 2018 were valued at $18.68 billion compared to $16.98 billion during July 2017 showing a growth of 9.98 per cent. Non-petroleum and non-gems and jewellery exports during April-July 2018-19 were valued at $78.54 billion compared to $69.70 billion for the corresponding period in 2017-18, an increase of 12.69 per cent.
Imports during July 2018 were valued at $43.79 billion (Rs3,00,784.72 crore), which was 28.81 per cent higher in dollar terms and 37.28 per cent higher in rupee terms over the level of imports valued at $33.99 billion (Rs2,19,108.89 crore) in July 2017. Cumulative value of imports for the period April-July 2018-19 stood at $171.20 billion (Rs11,54,881.70 crore) against $146.26 billion (Rs9,42,740.00 crore) showing a positive growth of 17.05 per cent in dollar terms and 22.50 per cent increase in rupee terms over the same period last year.
Major commodity groups of import showing high growth in July 2018 over the corresponding month of last year included: oil imports valued at $12.35 billion(Rs84,828.57crore) which was 57.41 per cent higher in dollar terms and 67.76 per cent higher in rupee terms compared to $7.84 billion (Rs50,565.29 crore) in July 2017. Oil imports during April-July 2018-19 were valued at $46.98 billion (Rs3,17,097.71 crore), which was 51.45 per cent higher in dollar terms and 58.58 per cent higher in rupee terms compared to $31.02 billion (Rs1,99,961.19 crore) in the corresponding period last year.
Non-oil imports during July 2018 were estimated at $31.44 billion (Rs2,15,956.15 crore) which was 20.23 per cent higher in dollar terms and 28.13 per cent higher in rupee terms compared to $26.15 billion (Rs1,68,543.60 crore) in July 2017. Non-oil imports during April-July 2018-19 were valued at $124.21 billion (Rs8,37,783.99 crore), which was 7.79 per cent higher in dollar terms and 12.79 per cent higher in rupee terms compared to $115.23 billion (Rs7,42,778.81 crore in April-July 2017-18.
Non-oil and non-gold imports in July 2018 valued at $28.47 billion recorded a growth of 18.42 per cent compared to import in July 2017. Non-oil and non-gold imports in April-July 2018 were valued at $112.80 billion recording a growth of 10.74 per cent compared to import in April-July 2017.