India's Trade Deficit Almost Doubles in FY18

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    India's trade deficit has nearly doubled in 2017-18 to $87.2 billion compared to the financial year 2016-17.

    In the data released by the commerce ministry on Friday, the gap between exports and imports have widened by 28.5% to $13.7 billion in March 2017 compared to the previous fiscal year. This has caused the annual trade deficit to go from $47.7 billion in 2016-17 to $87.2 billion in the year ended March 2018.

    Exports

    Exports during 2017-18 are at US $ 302.84 Billion registering a growth of 9.78 per cent in dollar terms vis-à-vis 2016-17.

    Exports during March 2018 were valued at US $ 29.11 Billion as compared to US $ 29.30 Billion during March 2017 exhibited negative growth of 0.66 per cent. In Rupee terms, exports were valued at Rs. 1.8 lakh crore as compared to Rs. 1.9 lakh crore during March 2017, registering a fall of 1.95 per cent.

    Commodities that showed a positive growth were:

    CommodityPercentage increase in exports
    Engineering goods 2.62%
    Organic & inorganic chemicals 31.75%
    Drugs & Pharmaceuticals 8.40%
    Cotton Yarns, Handlooms, etc 14.27%
    Rice 20.91%

    Imports

    Imports during March 2018 were valued at US $ 42.80 Billion (Rs 2.7 lakh crore) which was 7.15 per cent higher in Dollar terms and 5.75 per cent higher in Rupee terms over the level of imports valued at US $ 39.95 Billion (Rs. 2.6 lakh crore) in March 2017.

    Cumulative value of imports for the period April-March 2017-18 was US $ 459.67 Billion (Rs. 29.6 lakh crore) as against US $ 384.36 Billion (Rs. 25.7 lakh crore) registering a positive growth of 19.59 per cent in Dollar terms and 14.94 per cent in Rupee terms over the same period last year.

    Crude Oil

    Oil imports during March 2018 were valued at US $ 11.11 Billion which was 13.92 percent higher than oil imports valued at US $ 9.75 Billion in March 2017. Oil imports during April- March 2017-18 were valued at US $ 109.11 Billion which was 25.47 per cent higher than the oil imports of US $ 86.96 Billion in the corresponding period last year.

    Read more about: trade deficit import export
    Story first published: Saturday, April 14, 2018, 15:40 [IST]
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