Trade deficit jumps 51.1% to US$ 11.64 billion in August 2017
India's merchandise exports increased 10.3% to US$ 23.82 billion in August 2017 over a year ago. Meanwhile, merchandise imports jumped 21.0% to US$ 35.46 billion. The trade deficit galloped 51.1% to US$ 11.64 billion in August 2017 from US$ 7.71 billion in August 2016.Oil imports moved up 14.2% to US$ 7.75 billion, while the non-oil imports also surged 23.1% to US$ 27.71 billion in August 2017 over August 2016. The share of oil imports in total imports was 21.9% in August 2017, compared with 23.2% in August 2016. India's basket of crude oil galloped 14.1% to US$ 50.63 per barrel in August 2017 over August 2016.
Among the non-oil imports, the major contributors to the overall rise in imports were electronic goods imports rising 27.4% to US$ 4.63 billion, gold 68.9% to US$ 1.89 billion, coal, coke & briquettes 50.4% to US$ 1.59 billion, pearls, precious & semi-precious stones 30.9% to US$ 1.86 billion, electrical & non-electrical machinery 18.3% to US$ 2.62 billion, iron & steel 41.9% to US$ 1.38 billion and metaliferrous ores & other minerals 70.8% to US$ 0.72 billion. The imports also improved for artificial resins and plastic materials by 16.6% to US$ 1.20 billion, non-ferrous metals 19.8% to US$ 1.00 billion, silver 106.8% to US$ 0.27 billion, vegetable oil 10.7% to US$ 1.04 billion and wood & wood products 21.8% to US$ 0.52 billion.
Further, the imports have moved up for chemical material & products 17.2% to US$ 0.51 billion, and pulses 21.2% to US$ 0.32 billion, while it declined for fertilizers, crude & manufactured 26.5% to US$ 0.52 billion, transport equipment 10.0% to US$ 1.23 billion and medicinal & pharmaceutical products 5.7% to US$ 0.42 billion in august 2017.
On exports front, the engineering goods recorded an increase in exports by 19.5% to US$ 6.01 billion, followed by petroleum products 36.6% to US$ 3.40 billion, organic & inorganic chemicals 32.4% to US$ 1.48 billion, rice 36.7% to US$ 0.59 billion, marine products 28.2% to US$ 0.66 billion, and cotton yarn/fabrics/made-ups, handloom products 11.9% to US$ 0.84 billion. The exports also moved up for plastic & linoleum by 13.0% to US$ 0.54 billion, drugs & pharmaceuticals 4.2% to US$ 1.42 billion and spices 15.3% to US$ 0.26 billion in august 2017. Further, the exports gained for ceramic products & glassware by 20.0% to US$ 0.18 billion, man-made yarn/fabrics/made-ups 7.0% to US$ 0.40 billion, electronic goods 2.5% to US$ 0.48 billion and meat, dairy & poultry products 2.4% to US$ 0.42 billion in august 2017.
The exports also moved up for leather & leather products by 2.0% to US$ 0.46 billion, RMG of all textiles 0.6% to US$ 1.34 billion and coal & other ores, minerals including processed minerals 2.5% to US$ 0.28 billion, while it declined for gems & jewellery by 25.8% to US$ 2.68 billion and fruits & vegetables 9.2% to US$ 0.16 billion in august 2017.
Merchandise exports in rupees fell 5.4% to Rs 152365 crore, while imports moved up 15.6% to Rs 226850 crore in August 2017 over August 2016. The trade deficit widened to Rs 74485 crore in August 2017 compared with Rs 51584 crore in August 2016.
India's merchandise exports increased 9.2% to US$ 118.57 billion, while merchandise imports surged 26.8% to US$ 181.72 billion in April-August 2017. An increase in imports was driven by a 19.5% jump in oil imports to US$ 38.78 billion. India's merchandise trade deficit galloped to US$ 63.14 billion in April-August 2017 from US$ 34.70 billion in April-August 2016.
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