Import contraction help easing trade deficit
India's exports growth slowed down to 3.79%, while imports dipped 18.07% in January 2014. With the sharp contraction in imports, the trade deficit narrowed to $9913.57 million in January 2014.After four sequential months of double digit growth exports growth eased to 3.49% in December and but rose slightly to 3.79% in January 2014 (y-o-y basis). Imports continued to dip for eighth straight month at 18.07% (y-o-y basis) in January 2014 with the dip in both oil and non-oil imports.
Oil imports during January 2014 were valued at $13185.9 million which was 10.1% lower than oil imports valued at $14666.2 million in the corresponding period last year. Oil imports during April-January 2013-14 were valued at $138144.0 million which was 1.2% higher than the oil imports of $136498.1 million in the corresponding period last year.
Non-oil imports during January 2014 were estimated at $23480.0 million which was 22.0% lower than non-oil imports of $30088.5 million in January 2013. Non-oil imports during April-January 2013-14 were valued at $238900.1 million which was 12.3% lower than the level of such imports valued at $272498.9 million in April-January 2012-13.
Exports during January 2014 were valued at $26752.36 million (Rs.166067.93 crore) which was 3.79% higher in Dollar terms (18.62% higher in Rupee terms) than the level of $25775.19 million (Rs. 140002.59 crore) during January 2013. Cumulative value of exports for the period April-January 2013 -14 was $257088.08 million (Rs 1552564.25 crore) as against US $ 243190.48 million (Rs 1324751.53 crore) registering a growth of 5.71% in Dollar terms and growth of 17.20% in Rupee terms over the same period last year.
Imports during January 2014 were valued at $36665.93 million (Rs.227607.45 crore) representing a negative growth of 18.07% in Dollar terms and a negative growth of 6.37% in Rupee terms over the level of imports valued at US $ 44754.68 million (Rs. 243093.11 crore) in January 2013. Cumulative value of imports for the period April-January 2013-14 was $377044.14 million (Rs. 2264175.77 crore) as against $408996.91 million (Rs.2227033.70 crore) registering a negative growth of 7.81% in Dollar terms and growth of 1.67% in Rupee terms over the same period last year.
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