Petroleum and crude oil import bill stands at four-year low of US$ 9.9 billion in December 2014
India's merchandise export declined 3.8% to US$ 25.4 billion in December 2014 over a year ago. Meanwhile, merchandise imports also declined 4.8% to US$ 34.83 billion in December 2014. Thus, the trade deficit narrowed to 10-month low of US$ 9.4 billion in December 2014, while nearly halving from US$ 16.86 billion in November 2014.The decline in merchandise imports was supported by a 29% dip in the imports of petroleum and crude oil to US$9.94 billion, a four-year low. Imports of pearls and precious stones also declined 5% to US$1.94 billion, while imports also declined for organic and inorganic chemicals 2% to US$ 1.34 billion and coal 5% to US$ 1.41 billion in December 2014. On the other hand, imports surged for iron and steel 62% to US$ 1.65 billion, electronic goods 23% to US$ 3.15 billion, electrical and non-electrical machinery 18% to US$ 2.64 billion, fertilizers 53% to US$ 0.77 billion, non-ferrous metals 27% to US$ 0.89 billion, transport equipment 9% to US$ 1.99 billion and gold 7% to US$ 1.35 billion.
The share of oil imports in total imports eased to 28.5% in December 2014. India's basket of crude oil slipped 42.3% to US$ 62.68 per barrel in December 2014 over December 2013.
Exports decline in December 2014 over December 2013, mainly driven by a 21% dip in exports of petroleum products to US$ 3.84 billion, while exports also declined for electronic goods 14% to US$ 0.54 billion, gems and jewellery 1% to US$ 2.67 billion and plastic and linoleum products 19% to US$ 0.48 billion in December 2014. On the other hand, exports moved up from engineering goods 20% to US$ 6.92 billion, drugs and pharmaceuticals 2% to US$ 1.31 billion, readymade garments 10% to US$ 1.38 billion, meat, dairy and poultry products 9% to US$ 0.58 billion, and coal and other minerals 9% to US$ 0.34 billion.
Exports of merchandise exports in rupee terms declined 2.5% to Rs 159378 crore, while imports fell 3.5% to Rs 218585 crore in December 2014 over December 2013. The trade deficit declined to Rs 59206 crore in December 2014 compared with Rs 63068 crore in December 2013.
India's merchandise export increased 4% to US$ 241.15 billion, while merchandise imports rose 3.6% to US$ 351.21 billion in April-December 2014 over a year ago. Non-oil imports increased 8.3% to US$ 234.71 billion. India's merchandise trade deficit increased to US$ 110.05 billion in April-December 2014 from US$ 107.08 billion in April-December 2013. Trade deficit as a percentage of GDP was lower at 5.2% in April-December 2014 compared with 5.6% in April-December 2013.
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