February trade deficit falls by over 15 percent, exports down

Posted on 14th Mar 2015 by mohit kumar

New Delhi, March 13 (IANS) India's trade deficit in February fell by 15.8 percent at $6.84 billion, from $8.13 billion in the corresponding month of 2014 on account of lower crude oil prices, government data showed on Friday.

The fall on a month-on-month basis was over 17 percent with the January 2015 deficit having been recorded at $8.32 billion, as declining oil prices helped bring down the country's import bill.

Exports during the month under review fell by over 15 percent to $21.54 billion.

Imports during February were valued at $28.39 billion, while it was $33.66 billion in the corresponding month a year ago, down 15.65 percent.

Oil imports during February were valued at $6.101 billion, 55.49 percent lower than in the corresponding month of last year at $13.706 billion.

Oil imports during April-February, 2014-15, totalled $130.84 billion, down 12.24 percent from the corresponding period of the previous fiscal, the commerce ministry data showed.

Services exports during January were valued at $14.250 billion, while imports totalled $7.78 billion, leaving a trade surplus of $billion in January.

Cumulative value of exports during April-February 2014-15 was $286.58 billion, which is 0.88 percent higher over the same period last year at $284.07 billion.

"The trade deficit for April-February, 2014-15 was estimated at $125.22 billion which was higher than the deficit of $124.84 billion during April-February, 2013-14," the ministry said.

"Even though trade deficit has shrunk, double-digit decline in exports for last two consecutive months is a cause of worry. It is an indication that we would not be able to achieve this year's export target," it said.

Other news