Nov trade deficit soars 76 pc; exports up 7.2 pc

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SME Times News Bureau | 16 Dec, 2014
Country's trade deficit in November increased by over 76 percent at $16.86 billion, from $9.57 billion in the corresponding month of last year, government data showed Monday.

On a month-on-month basis, the deficit rose by 26.2 percent from $13.35 billion in October.

"The trade deficit for April-November 2014-15 was estimated at $100.61 billion which was higher than the deficit of $96.89 billion during April-November 2013-14," the commerce and industry ministry said in a statement.

According to data released by the Reserve Bank of India (RBI), exports during the month under review increased by 7.27 percent at $25.96 billion than the level of $24.20 billion during November 2013.

For the period of April-November 2014-15, exports grew by 5.02 percent at $215.75 billion from $205.36 billion.

Imports at $42.82 billion grew by 26.79 percent in the month under review, from $33.37 billion imported in the corresponding month of last year.

Oil imports during November 2014 were valued at $11.71 billion, which was 9.7 percent lower than oil imports in the corresponding period last year at $12.97 billion. This was primarily a result of softening of international crude prices that has fallen below $65 a barrel and the rupee appreciation against the US dollar.

The non-oil imports during the month under review were higher by 49.6 percent at $31.10 billion from $20.79 billion in October 2013.