Trade Deficit For January Accelerates to 56-month High of $16.3 billion

Subscribe to GoodReturns
For Quick Alerts
For Daily Alerts

    In January moved by the higher imports of crude oil as well precious stone and a dip in exports, trade deficit accelerated to record a 56-month high level of $16.3 billion.
    Commerce ministry however revealed showed a surge in exports by 9.1% while imports got pushed higher by 26.1%. The exports of merchandise also rose higher by 9.07% to reach $24.38 billion for the January month against the corresponding month.

     Trade Deficit For January Accelerates to 56-month High of $16.3 billion

    There have been issues with the exporters who are facing delay in refund in respect of input tax credit as well as issues post imposition of GST and such glitches have prompted the GST Council to allow exporters to the earlier regime until March 2018.

    In the first ten months to January of the FY 2018, trade deficit ballooned to $131 billion as against $88 billion of the corresponding period in the year ago period.

    Exports have dipped in the merchandise category to a three-month low, buoyed by dampening in some of the areas including yarn, iron ore and textiles.

    Further, jewellery and gems, drugs and pharma, chemicals, petroleum products, engineering goods all witnessed a surge in exports while there was a decline in the ready-made garments section.

    And as the merchandise trade deficit has come in sharply higher than expectations, the current account deficit target for FY 2018 has been moved to $47-50 billion or nearly 2% of GDP from the previous $42-44 billion.

    Read more about: trade deficit import export
    Story first published: Friday, February 16, 2018, 13:10 [IST]
    Company Search
    Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

    Find IFSC

    Get Latest News alerts from Goodreturns

    We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more