Exports dip 20.7% in August 2015, gold imports jump 140%

Trade deficit rises to US$ 12.48 billion in August 2015 from US$ 10.67 billion in August 2014

India's merchandise exports continued to decline for ninth straight month at 20.7% to US$ 21.27 billion in August 2015 over a year ago. Meanwhile, merchandise imports also declined 9.9% to US$ 33.74 billion. The trade deficit increased 17% to US$ 12.48 billion in August 2015 from US$ 10.67 billion in August 2014.

Oil imports plunged 42.6% to US$ 7.36 billion, while non-oil imports increased 7% to US$ 26.39 billion in August 2015 over August 2014. The share of oil imports in total imports was 21.8% in August 2015, showing sharp decline from 34.2% in August 2014. India's basket of crude oil plunged 53.6% to US$ 47.33 per barrel in August 2015 over August 2014.

Among the non-oil imports, the major contributors to the overall decline in imports were pearls and precious stones 14% to US$ 1.16 billion, coal 22% to US$ 0.97 billion, metaliferrous ores 23% to US$ 0.62 billion, artificial resins 20% to US$ 0.92 billion, organic & inorganic chemicals 19% to US$ 1.39 billion, project goods 50% to US$ 0.21 billion, non-ferrous metal 16% to US$ 79 billion, iron & steel 18% to US$ 1.21 billion and vegetable oils 6% to US$ 0.99 billion.

On the other hand, the imports have increased for gold 140% to US$ 4.96 billion, fertilizers 80% to US$ 1.01 billion, electronic goods 3% to US$ 3.45 billion, machinery 0.1% to US$ 2.31 billion, transport equipment 11% to US$ 1.15 billion, and silver 48% to US$ 0.363 billion in August 2015.

On exports front, the petroleum products recorded sharp dip in exports by 48% to US$ 2.78 billion, followed by engineering goods 29% to US$ 4.65 billion, readymade textiles 7% to US$ 1.28 billion, chemicals 5% to US$ 1.17 billion, cotton yarn / fabric 7% to 0.86 billion, leather products 13% to US$ 0.50 billion, rice 26% to US$ 0.44 billion, plastic and linoleum 3% to US$ 0.51 billion, and electronic goods 17% to US$ 0.44 billion. However, the exports improved for gems & jewellery 3% to US$ 3.35 billion, drug and pharmaceuticals 6% to US$ 1.36 billion in August 2015.

Merchandise exports in rupees declined 15.2% to Rs 138385 crore, while imports fell 3.8% to Rs 219582 crore in August 2015 over August 2014. The trade deficit increased to Rs 81197 crore in August 2015 compared with Rs 64971 crore in August 2014.

India's merchandise exports dipped 16.2% to US$ 111.09 billion, while merchandise imports fell 11.6% to US$ 168.61 billion in April-August 2015. The decline in imports was driven by a 38.8% plunge in oil imports to US$ 41.50 billion. India's merchandise trade deficit declined to US$ 57.52 billion in April-August 2015 from US$ 58.22 billion in April-August 2014.

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