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India's trade deficit narrows to 17-month low in February
Commodity Online | March 18 2019
UPDATED 11:53:59 IST
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India’s trade deficit narrowed to a 17-month low of $9.6 billion in February as merchandise imports fell on the back of lower crude oil prices. The trade deficit had stood at $9 billion in September 2017.
India's exports rose 2.44% to $26.67 billion in February from a year earlier, while imports were down 5.41% to $36.26 billion, according to data released by the commerce ministry.
In rupee terms, however, exports and imports expanded at 13.34% and 4.66% respectively, mostly because of depreciation in the rupee. So far this year, the rupee has weakened 2.07%, the worst performer among Asian currencies.
Cumulatively, during the first 11 months of the fiscal year 2019 (April-February), exports and imports grew at 8.85% and 9.75%, respectively, while the trade deficit expanded to $165.5 billion from $148.6 billion during the same period a year ago.
In February, exports of Indian pharmaceuticals (16.1%), chemicals (4.1%), engineering goods (1.7%), and ready-made garments (7.2%) rose, while shipments of gems and jewellery (-2.1%) and petroleum products (-7.7%) contracted.
Growth in non-oil, non-gems and jewellery imports, an indicator of the state of economic activity in the country, contracted 3.7% in February, led by transport equipment (-19.6%), electronic goods (-6.5%) and plastic (-1.9%).
Import of crude oil slipped by 8% as global Brent price decreased by 1.97% in February. Gold imports in February fell 10.81% year-on-year to $2.58 billion, compared to $2.90 billion a year ago.
@Nilgiri @VCheng @Joe Shearer @anant_s @Water Car Engineer @Skull and Bones @Jackdaws @Soumitra @AyanRay @Tshering22 @jaiind @Novice09 @Rollno21 @kris @Sheena1980 @Vikki @scorpionx @MilSpec @KapitaanAli @jetray @Levina @Vibrio @pahadi@Śakra@third eye @Tea addict @Sam. @VCheng @Chhatrapati @Mirza Jatt @Srinivas@Peshwa @Robinhood Pandey @firestorm77 @Ajaxpaul @anant_s @GeraltofRivia @Telescopic Sight@Army research @Hack-Hook @jamahir
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Home / News Now /
India's trade deficit narrows to 17-month low in February
Commodity Online | March 18 2019
UPDATED 11:53:59 IST
A- A+
MAIL
Share
Tweet
Share
India Inc revenue growth to halve in Q4 on commodity price slump
Indonesia seeks tax sops on sustainable Palm Oil imports into India
India’s Rice export prices fall on weak demand
India April-Feb Natural Gas production hits 3 year high
Indonesia Palm Oil output seen up 5.5% in February: survey
India’s trade deficit narrowed to a 17-month low of $9.6 billion in February as merchandise imports fell on the back of lower crude oil prices. The trade deficit had stood at $9 billion in September 2017.
India's exports rose 2.44% to $26.67 billion in February from a year earlier, while imports were down 5.41% to $36.26 billion, according to data released by the commerce ministry.
In rupee terms, however, exports and imports expanded at 13.34% and 4.66% respectively, mostly because of depreciation in the rupee. So far this year, the rupee has weakened 2.07%, the worst performer among Asian currencies.
Cumulatively, during the first 11 months of the fiscal year 2019 (April-February), exports and imports grew at 8.85% and 9.75%, respectively, while the trade deficit expanded to $165.5 billion from $148.6 billion during the same period a year ago.
In February, exports of Indian pharmaceuticals (16.1%), chemicals (4.1%), engineering goods (1.7%), and ready-made garments (7.2%) rose, while shipments of gems and jewellery (-2.1%) and petroleum products (-7.7%) contracted.
Growth in non-oil, non-gems and jewellery imports, an indicator of the state of economic activity in the country, contracted 3.7% in February, led by transport equipment (-19.6%), electronic goods (-6.5%) and plastic (-1.9%).
Import of crude oil slipped by 8% as global Brent price decreased by 1.97% in February. Gold imports in February fell 10.81% year-on-year to $2.58 billion, compared to $2.90 billion a year ago.
@Nilgiri @VCheng @Joe Shearer @anant_s @Water Car Engineer @Skull and Bones @Jackdaws @Soumitra @AyanRay @Tshering22 @jaiind @Novice09 @Rollno21 @kris @Sheena1980 @Vikki @scorpionx @MilSpec @KapitaanAli @jetray @Levina @Vibrio @pahadi@Śakra@third eye @Tea addict @Sam. @VCheng @Chhatrapati @Mirza Jatt @Srinivas@Peshwa @Robinhood Pandey @firestorm77 @Ajaxpaul @anant_s @GeraltofRivia @Telescopic Sight@Army research @Hack-Hook @jamahir
@SrNair @koolzberg @Khatri_pune @Axomiya_lora
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