February trade deficit falls by over 15 percent, exports down

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.