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Sharp hike in India’s trade deficit y-o-y in Sept

October 16: India’s trade deficit (merchandise) for the month of September, 2014 provisionally rose 132.71% to $14,247.42 million compared to $6,122.34 million reported in the same month a year ago, according to an official release by the Ministry of Commerce and Industry.

“This phenomenal increase in trade deficit is mainly due to rise in imports without adequate rise in exports. Imports have increased mainly due to an unusual growth of 449.7% in imports of gold and 105.6% in imports of metalliferous ores and other minerals over the same period last year. Both these items have a high value in the import basket with gold having a value of $3,751.87 million and metalliferous ores and other minerals having a value of $817.79 million in September 2014,” the official statement said.

On a month-on-month basis too, India’s trade deficit for September, 2014 rose from to $10,838.60 million in August 2014.

The trade deficit for April-September, 2014-15 was estimated at $70,398.58 million which was lower than the deficit of $76,724.47 million during April-September, 2013-14.

Exports, including re-exports, during September, 2014 were valued at $28,903.28 million (Rs 175,919.53 crore) which was 2.73% higher in dollar terms (1.92% lower in rupee terms) than the level of $28,135.90 million (Rs 179,372.28 crore) during September, 2013.

Cumulative value of exports for April-September, 2014-15 was $163,701.40 million (Rs 985,539.11 crore) as against $153,754.85 million (Rs 910,882.94 crore) registering a growth of 6.47% in dollar terms and growth of 8.20% in rupee terms over the same period last year.

Imports during September, 2014 were valued at $43,150.70 million (Rs 262,636.30 crore), representing a growth of 25.96% in dollar terms and  a growth of 20.25% in rupee terms over the level of imports valued at $34,258.24 million (Rs 218,403.50 crore) in September, 2013.

Cumulative value of imports for the period April-September, 2014-15 was $234,099.98 million (Rs 140,9466.83 crore) as against $230,479.32 million (Rs 135,5761.53 crore), registering a growth of 1.57% in dollar terms and growth of 3.96% in rupee terms over the same period last year.