Exports up, imports down, trade gap narrows
Updated: Aug 12, 2013 03:03:39pm
New Delhi, Aug 12 (KNN) India's merchandise exports have finally seen a turnaround growing by 11.64 per cent in July to USD 25.83 billion from USD 23.14 billion the same month last year.
At the same time imports for the month declined by 6.2 per cent to USD 38.1 billion. In the process the trade deficit has been significantly reduced to USD 12.27 billion from USD 17.47 billion in July last year, according to the data released by the Ministry of Commerce and Industry.
The trade data should come as a big relief to the government as reduction in trade deficit will improve India's overall current account deficit situation. This would also leave a positive impact on the Rupee, which has already shown signs of improvement.
Director General and CEO FIEO, Ajay Sahai, said that while the trade deficit for April-July 2013 shows a growth of 4.6 per cent over the corresponding period last year, the gap for the month of July alone exhibits a decline of 30 per cent.
“If we are able to manage the trade deficit to less than USD 150 Bn, the CAD will come within manageable limit as FDI in first two months of the fiscal has shown about 25 per cent increase and the host of reforms undertaken during the last few months will pave the way for greater flow through FDI,” he said.
Cumulative value of exports for the period April-July 2013 -14 was USD 98.29 billion as against USD 96.63 billion, registering a growth of 1.72 per cent over the same period last year.
Imports however fell 6.2 per cent from a year earlier to USD 38.1 billion, the release added.
Cumulative value of imports for the period April-July, 2013-14 was USD 160.73 billion which was at USD 156.32 billion in the same period last year registering a growth of 2.82 per cent, it said.
Gold and silver imports stood at USD 2.9 billion in July, down from USD 4.4 billion in the same period last year.
During April-July this fiscal, exports grew by 1.72 per cent to USD 98.2 billion. Imports had also increased by 2.82 per cent to USD 160.7 billion during the period.
Trade deficit during the first four months of this fiscal was at USD 62.4 billion.
Oil imports in July declined by 8 per cent to USD 12.7 billion and during April-July period it grew by 2.65 per cent to USD 54.5 billion. (KNN/SD)
At the same time imports for the month declined by 6.2 per cent to USD 38.1 billion. In the process the trade deficit has been significantly reduced to USD 12.27 billion from USD 17.47 billion in July last year, according to the data released by the Ministry of Commerce and Industry.
The trade data should come as a big relief to the government as reduction in trade deficit will improve India's overall current account deficit situation. This would also leave a positive impact on the Rupee, which has already shown signs of improvement.
Director General and CEO FIEO, Ajay Sahai, said that while the trade deficit for April-July 2013 shows a growth of 4.6 per cent over the corresponding period last year, the gap for the month of July alone exhibits a decline of 30 per cent.
“If we are able to manage the trade deficit to less than USD 150 Bn, the CAD will come within manageable limit as FDI in first two months of the fiscal has shown about 25 per cent increase and the host of reforms undertaken during the last few months will pave the way for greater flow through FDI,” he said.
Cumulative value of exports for the period April-July 2013 -14 was USD 98.29 billion as against USD 96.63 billion, registering a growth of 1.72 per cent over the same period last year.
Imports however fell 6.2 per cent from a year earlier to USD 38.1 billion, the release added.
Cumulative value of imports for the period April-July, 2013-14 was USD 160.73 billion which was at USD 156.32 billion in the same period last year registering a growth of 2.82 per cent, it said.
Gold and silver imports stood at USD 2.9 billion in July, down from USD 4.4 billion in the same period last year.
During April-July this fiscal, exports grew by 1.72 per cent to USD 98.2 billion. Imports had also increased by 2.82 per cent to USD 160.7 billion during the period.
Trade deficit during the first four months of this fiscal was at USD 62.4 billion.
Oil imports in July declined by 8 per cent to USD 12.7 billion and during April-July period it grew by 2.65 per cent to USD 54.5 billion. (KNN/SD)
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