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India's trade deficit narrows to 17-months low of US$ 9.6 billion in February 2019

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Exports rises 2.4%, while imports dip 5.4% in February 2019

India's merchandise exports rose 2.4% to US$ 26.67 billion in February 2019 over a year ago. Meanwhile, merchandise imports dipped 5.4% to US$ 36.26 billion. The trade deficit plunged 22.0% to 17-month low of US$ 9.60 billion in February 2019 from US$ 12.30 billion in February 2018.

declined 8.1% to US$ 9.38 billion, while the non-also fell 4.4% to US$ 26.89 billion in February 2019 over February 2018. The share of in total imports was 25.9% in February 2019, compared with 26.6% in February 2018. The price of India's basket of rose 1.6% to US$ 64.53 per barrel in February 2019 over February 2018.

Among the non-oil imports, the major contributors to the overall fall in imports were pearls, precious & semi-precious stones imports declining 17.5% to US$ 2.16 billion, 19.6% to US$ 1.39 billion, gold 10.8% to US$ 2.58 billion, metaliferrous ores & other minerals 36.4% to US$ 0.48 billion and electronic goods 6.5% to US$ 3.77 billion, while imports of also fell 16.4% to US$ 0.71 billion, artificial resins, plastic materials etc 1.9% to US$ 1.16 billion, organic & 0.4% to US$ 1.75 billion.

However, the imports have increased for crude & manufactured fertilisers by 123.2% to US$ 0.50 billion, electrical & 6.9% to US$ 3.08 billion, iron & 16.9% to US$ 1.34 billion, coal, coke & briquettes etc 3.6% to US$ 2.00 billion and 15.5% to US$ 0.38 billion. The imports also improved for & products by 3.9% to US$ 0.56 billion, professional instrument, optical goods etc 4.9% to US$ 0.39 billion, medicinal & 2.9% to US$ 0.46 billion and non-ferrous metals 0.1% to US$ 1.02 billion in February 2019.

On exports front, the electronic goods recorded an increase in exports by 46.1% to US$ 0.87 billion, followed by drugs & 16.1% to US$ 1.61 billion, engineering goods 1.7% to US$ 6.66 billion, RMG of all textiles 7.2% to US$ 1.54 billion, organic & 4.1% to US$ 1.73 billion, plastic & linoleum 5.3% to US$ 0.62 billion, and & glassware 16.0% to US$ 0.22 billion. The exports also improved for rice by 3.0% to US$ 0.73 billion, cotton yarn/fabrics/made-ups, etc 2.2% to US$ 0.88 billion, meat, dairy & 6.2% to US$ 0.29 billion, mica, coal & other ores, minerals including processed minerals 2.2% to US$ 0.35 billion and spices 2.0% to US$ 0.27 billion in February 2019.

However, the exports declined for handicrafts excluding handmade carpet by 3.2% to US$ 0.15 billion, fruits & vegetables 2.7% to US$ 0.26 billion and man-made yarn/fabrics/made-ups etc 2.4% to US$ 0.39 billion in February 2019. Further, the exports also fell for leather & by 6.5% to US$ 0.40 billion, 6.1% to US$ 0.43 billion, gems & jewellery 2.1% to US$ 3.73 billion, and 7.7% to US$ 3.07 billion in February 2019.

Merchandise exports in rupees increased 13.3% to Rs 189931 crore, while imports moved up 4.7% to Rs 258272 crore in February 2019 over February 2018. The trade deficit rose to Rs 68340 crore in February 2019 compared with Rs 79196 crore in February 2018.

India's merchandise exports increased 8.5% to US$ 298.47 billion, while merchandise imports moved up 10.3% to US$ 464.00 billion in April-February 2019. An increase in imports was driven by a 31.3% jump in oil imports to US$ 128.72 billion. India's merchandise trade deficit rose to US$ 165.52 billion in April-February 2019 from US$ 145.50 billion in April-February 2018.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, March 15 2019. 19:44 IST
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