India’s imports exceed exports by $13.9 bn in AugustOctober 1st, 2008 - 8:10 pm ICT by IANS
New Delhi, Oct 1 (IANS) India’s imports exceeded exports by $13.94 billion in August this year, said commerce and industry ministry Wednesday, which may widen the country’s current account deficit (CAD) if the trend is not reversed in coming months.The ministry in a statement said India’s exports stood at $16.01 billion in August, while imports were valued at $29.95 billion, an increase of 51.2 percent over the level of imports valued at $19.81 billion the same month last year.
The CAD is a reflection of the trade situation when imports exceed exports. The Prime Minister’s Economic Advisory Council (EAC) has estimated CAD at 3.2 percent of the gross domestic product (GDP) in the current fiscal, as against 1.5 percent in 2007-08.
The commerce ministry said India’s exports were, however, up 26.9 percent at $16.01 billion this August, as compared to $12.61 billion in the corresponding month last year.
The ministry said the cumulative value of exports for April-August this year was Rs.342,477 crore or $81.23 billion, as against Rs.246,180 crore or $601.01 billion, registering a growth of 35.1 percent in dollar terms and 39.1 percent in rupee terms.
India’s imports this August were valued at $29.95 billion - representing an increase of 51.2 percent over the level of imports valued at $19.81 billion the same month last year, said the ministry.
The cumulative value of imports for April-August this year was $130.36 billion (Rs.550,123 crore) as against $94.66 billion (Rs.387,791 crore), registering a growth of 37.7 percent in dollar terms and 41.9 percent in rupee terms, said the ministry.
India’s oil imports in August were valued at $10.96 billion, which was 76.7 percent higher than oil imports of $6.2 billion in the last corresponding period.
Oil imports during April-August this year were of the order of $45.97 billion, 59.6 percent higher than the oil imports of $28.8 billion in the last corresponding period.
According to the ministry, non-oil imports in August this year were estimated at $18.98 billion, 39.6 percent higher than non-oil imports of $13.6 billion in August last year.
“The non-oil imports during April-August this year were at $84.4 billion, which was 28.2 percent higher than the level of such imports of $65.85 billion in the last corresponding period,” said the ministry in a statement.
- India's exports rise 44 percent in August; deficit widens to $14 bn - Oct 03, 2011
- India's exports slump 14.8 percent in July - Sep 03, 2012
- India's exports fall in May - Jul 02, 2012
- India's exports up 46 percent in June - Aug 01, 2011
- Indian exports rise 22.5 percent, deficit balloons to $16.64 bn(Lead) - Oct 01, 2010
- India's exports surge 82 percent in July - Sep 01, 2011
- Indian exports rise 22.5 percent to $16.64 bn in August - Oct 01, 2010
- August exports decline by 9.7 percent - Sep 13, 2012
- India's May exports rise 56.93 percent - Jul 01, 2011
- India's exports drop by 5.45 percent in June - Aug 01, 2012
- India's exports growth diminishes - Apr 02, 2012
- India's September exports grow 36 percent to $24.82 bn - Nov 01, 2011
- India's export growth slows in October - Dec 01, 2011
- India's exports rose 6.71 percent to $25 bn in December - Feb 01, 2012
- Exports up 44.2 percent in August; deficit widens to $14.1 bn - Sep 09, 2011