Trade deficit narrows to US$ 6.54 billion in February 2016 from US$ 6.85 billion in February 2015
India's merchandise exports continued to decline for the fifteenth straight month at 5.7% to US$ 20.74 billion in February 2016 over a year ago. Meanwhile, merchandise imports also fell 5.0% to US$ 27.28 billion. The trade deficit narrowed 3.0% to US$ 6.54 billion in February 2016 from US$ 6.85 billion in February 2015.Oil imports plunged 21.9% to US$ 4.77 billion, while non-oil imports also declined 0.5% to US$ 22.51 billion in February 2016 over February 2015. The share of oil imports in total imports was 17.5% in February 2016. India's basket of crude oil plunged 45.9% to US$ 30.53 per barrel in February 2016 over February 2015.
Among the non-oil imports, the major contributors to the overall decline in imports were gold imports declining 29.5% to US$ 1.40 billion, metaliferrous ores 47.4% to US$ 0.42 billion, fertilizers, crude & manufactured 60.1% to US$ 0.18 billion, coal 16.9% to US$ 1.13 billion, iron & steel 12.5% to US$ 1.08 billion, transport equipment 7.9% to US$ 1.70 billion, non-ferrous metals 15.7% to US$ 0.67 billion, project goods 30.5% to US$ 0.26 billion, silver 58.3% to US$ 0.05 billion and organic & inorganic chemicals 1.0% to US$ 1.13 billion.
On the other hand, the imports have increased for electrical & non-electrical machinery 50.2% to US$ 3.36 billion, pearls & precious stones 41.2% to US$ 2.06 billion, electronic goods 4.5% to US$ 3.09 billion, vegetable oil 12.0% to US$ 0.78 billion, pulses 48.7% to US$ 0.25 billion, machine tools 4.0% to US$ 0.25 billion and chemical material & products 2.2% to US$ 0.41 billion in February 2016.
On exports front, the petroleum products recorded a sharp dip in exports by 28.3% to US$ 2.46 billion, followed by engineering goods 11.2% to US$ 4.58 billion, RMG of all textiles 0.7% to US$ 3.49 billion, cotton yarn/fabrics/made-ups, handloom products 13.8% to US$ 0.40 billion, leather & products 6.8% to US$ 1.10 billion, rice 39.7% to US$ 0.86 billion, man-made yarn/fabrics/made-ups etc 18.0% to US$ 0.54 billion, and marine products 11.1% to US$ 0.41 billion.
However, the exports improved for, gems & jewellery 11.2% to US$ 3.92 billion, drugs & pharmaceuticals 8.8% to US$ 1.26 billion, plastic & linoleum 14.0% to US$ 0.45 billion, electronic goods 11.6% to US$ 0.52 billion, organic & inorganic chemicals 4.5% to US$ 1.14 billion, in February 2016.
Merchandise exports in rupees increased 3.8% to Rs 141515 crore, while imports moved up 4.5% to Rs 186155 crore in February 2016 over February 2015. The trade deficit widened to Rs 44640 crore in February 2016 compared with Rs 41825 crore in February 2015.
India's merchandise exports dipped 16.7% to US$ 238.42 billion, while merchandise imports fell 14.7% to US$ 351.81 billion in April-February 2016. The decline in imports was driven by a 40.5% plunge in oil imports to US$ 77.86 billion. India's merchandise trade deficit declined to US$ 113.39 billion in April-February 2016 from US$ 126.30 billion in April-February 2015.
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