India’s trade deficit hits $100 bn despite a surge in Nov exports

India imported goods worth $40.02 billion in November 2017 and exported goods worth $26.20 billion, registering a trade deficit of $13.82 billion during the month while its cumulative trade deficit for the April-November 2017-18 period stood at an estimated $100.14 billion.

Merchandise exports from the country during November 2017 stood at $26.20 billion (Rs169,912.50 crore) against $20.07 billion (Rs135,699.47 crore) during November 2016, showing a 30.5 per cent growth in dollar terms and a 25.21 per cent growth in rupee terms.

While the exports have generally been showing positive trend in the last 13 months, exports from the country showed a year-on-year dip of 1.12 per cent in October 2017.

Cumulative value of exports for the period April-November 2017-18 stood at $196.48 billion (Rs1,267,771.18 crore) against $175.41 billion (Rs1,174,997.07 crore) showing a growth of 12.01 per cent in dollar terms and a 7.90 per cent growth in rupee terms year-on-year.

Major commodity groups of export showing high growth during November included engineering Goods (43.76 per cent), petroleum products (47.68 per cent), gems & jewellery (32.69 per cent), organic and inorganic chemicals (54.28 per  cent) and drugs and pharmaceuticals (13.39 per cent).

India imported goods valued at $40.02 billion (Rs259,612.29 crore) in November 2017, which was 19.61 per cent higher in dollar terms and 14.73 per cent higher in rupee terms over the level of imports valued at $33.46 billion (Rs226,288.21 crore) in November 2016.

Cumulative value of imports for the period April-November 2017-18 stood at $2,964,59.17 million (Rs1,913,047.30 crore) against $243.30 billion (Rs1,630,199.71 crore) in April-November 2016-17, showing a growth of 21.85 per cent in dollar terms and a 17.35 per cent growth in rupee terms over the same period last year.

Major commodity groups of import showing high growth in November 2017 over the corresponding month of last year included petroleum, crude and products (39.14 per cent), electronic goods (24.97 per cent), pearls, precious and semi-precious stones (85.80 per cent), machinery (electrical and non-electrical) (23.24 per cent) and coal, coke, briquettes, etc (51.80 per cent).

Oil imports during November 2017 were valued at $9.55 billion which was 39.14 per cent higher than oil imports valued at $6.86 billion in November 2016. Oil imports during April-November 2017-18 were valued at $65.80 billion, which was 22.65 per cent higher than oil imports valued at $53.65 billion in the corresponding period last year.

Non-oil imports during November 2017 were estimated at $30.47 billion, which was 14.57 per cent higher than non-oil imports valued at $26.60 billion in November 2016. Non-oil imports during April-November 2017-18 were valued at $230.66 billion, which was 21.63 per cent higher than the level of such imports valued at $189.64 billion in April-November, 2016-17.