Oil spike takes India’s April-Nov trade deficit to $129 bn
17 Dec 2018
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India added $16.67 billion to its merchandise trade deficit in November 2018, taking overall trade deficit for the first eight months of the 2018-19 financial year to $129.13 billion. The ballooning of the trade deficit comes on the back of over 61 per cent jump in the country’s oil import bill to $97.43 billion in April-November 2018-19 from $65.33 billion in April-November 2017-18.
India’s exports stood at $26.50 billion in November 2018, showing little growth at 0.80 per cent, while its imports expanded 4.31 per cent to $43.17 billion. Overall exports during the first eight months of the financial year (April-November 2018-19) stood at $217.51 billion
Imports into the country, on the other hand, rose 4.31 per cent year-on-year to $43.17 billion in November 2018 while overall imports during April-November 2018-19 stood at $345.64 billion.
India’s exports in November 2018 stood at $26.50 billion (Rs1,90,429.46 crore), compared to $26.29 billion (Rs1,70,541.01 crore) in November 2017-18, showing a growth of 0.80 per cent in dollar terms and an 11.66 per cent growth in rupee terms. Cumulative value of exports for the period April-November 2018-19 stood at $217.52 billion (Rs15,14,369.74 crore) against $194.93 billion (Rs12,57,811.49 crore) during April-November 2017-18, showing a growth of 11.58 per cent in dollar terms and a 20.40 per cent growth in rupee terms.
Non-petroleum and non-gems and jewellery exports in November 2018 stood at $18.57 billion, compared to $19.32 billion in November 2017, showing a negative growth of 3.93 per cent. Non-petroleum and non-gems and jewellery exports in April-November 2018-19 stood at $156.55 billion against $143.77 billion in the corresponding period of 2017-18, an increase of 8.89 per cent.
Imports in November 2018 stood at $43.17 billion (Rs3,10,215.46 crore), which was 4.31 per cent higher in dollar terms and 15.55 per cent higher in rupee terms over imports worth $41.39 billion (Rs2,68,467.53 crore) in November 2017. Cumulative value of imports for April-November 2018-19 stood at $345.64 billion (Rs24,07,273.87 crore), against $301.31 billion (Rs19,44,355.48 crore) during the period April-November 2017-18, showing a growth of 14.71 per cent in dollar terms and a growth of 23.81 per cent in rupee terms.
Oil imports in November 2018 stood at $13.49 billion (Rs96,955.56 crore), a growth of 41.31 per cent in dollar terms and a 56.55 per cent growth in rupee terms, compared to $9.55 billion (Rs61,933.97 crore) in November 2017. Oil imports in April-November 2018-19 stood at $97.43 billion (Rs6,79,769.26 crore), which was 49.14 per cent higher in dollar terms and 61.21 per cent higher in rupee terms compared to $65.33 billion (Rs4,21,667.12 crore), over the same period last year.
Non-oil imports in November 2018 were estimated at $29.68 billion (Rs2,13,259.90 crore), which was 6.79 per cent lower in dollar terms and 3.26 per cent higher in rupee terms, compared to $31.84 billion (Rs2,06,533.56 crore) in November 2017. Non-oil imports in April-November 2018-19 stood at $248.21 billion (Rs17,27,504.61 crore), which was 5.18 per cent higher in dollar terms and 13.45 per cent higher in rupee terms, compared to $235.98 billion (Rs15,22,688.36 crore) in April-November 2017-18.
Non-oil and non-gold imports in November 2018 stood at $26.92 billion showing a negative growth of 5.78 per cent, compared to non-oil and non-gold imports in November 2017. Such imports in April-November 2018-19 stood at $226.13 billion, showing a growth of 6.27 per cent compared to imports in April-November 2017-18.
