India's merchandise trade deficit shrinks, deficit with China jumps
Staff Writer |
India's merchandise trade deficit showed a narrowing trend in the first nine months of the 2016-17 financial year (April-December).
Article continues below
It is estimated to be $76.55 billion from of $100.08 billion during April-December 2015-16, a 23.51 percent decline year-on-year.
Merchandise exports from the country continued to show an uptrend for the third month in succession with a 5.72 percent increase in December 2016 exports at $23.88 billion and 7.79 percent in rupee terms at Rs162,179.89 crore, compared to $22.59 billion during December 2015.
Cumulative value of exports during April-December 2016-17 stood at $198.81 billion against $197.33 billion, showing a modest growth of 0.75 percent in dollar terms and a 4.37 percent growth in rupee terms over the same period last year.
Non-petroleum exports in December 2016 were valued at $21.12 billion against $20.04 billion in December 2015 - an increase of 5.4 percent.
Non-petroleum exports during April-December 2016-17 were valued at $176.83 billion as to $172.96 billion for the corresponding period in 2015, an increase of 2.2 percent.
Imports during December 2016 were valued at $34.25 billion, which was 0.46 percent higher in dollar terms and 2.43 percent higher in rupee terms compared with imports valued at $34.10 billion in December 2015.
Cumulative value of imports during April-December 2016-17 stood at $275.36 billion against $297.41 billion registering a negative growth of 7.42 percent in dollar terms and 4.05 percent in rupee terms over the same period last year.
Oil imports during December 2016 were valued at $7.65 billion, which was 14.61 percent higher than oil imports valued at $6.67 billion in December 2015.
Oil imports during April-December 2016-17 were valued at $60.92 billion, which was 10.76 percent lower than the oil imports valued at $68.27 billion in the corresponding period last year.
Non-oil imports during December 2016 were estimated at $26.61 billion, which was 2.98 percent lower than non-oil imports of $27.43 billion in December 2015.
Non-oil imports during April-December 2016-17 were valued at $214.43 billion, which was 6.42 percent lower than the level of such imports valued at $229.14 billion in April-December 2015-16.
India's trade deficit with China rose to a whopping $46.56 billion in 2016 despite a 2.1 percent decline in bilateral trade to nearly $71 billion, as Indian exports continued to decline.
India-China bilateral trade in 2016 stood at $70.8 billion, down 2.1 percent a PTI report said citing trade figures released by General Administration of Customs (GAC).
China exports totaled $58.33 billion, posting an increase of 0.2 percent compared to $58.25 billion in 2015, as per GAC data. ■