India’s exports and imports recorded a major decline of 15.02 per cent and 15.66 per cent (in dollars term) respectively in February 2015. With a sharp descend of exports and imports, country’s trade deficit - difference between imports and exports - also fell down to $6.84 billion.
With imports slowing down, mainly on account of lower crude oil prices, the trade deficit declined to $6.84 billion. The deficit, which reflects higher imports than exports, was $8.32 billion in January.
The merchandise exports were $25.35 billion in February 2014, according to the Commerce Ministry data released on Friday. Cumulative value of exports during April-February 2014-15 was $286.58 billion, as against $284.07 billion, up 0.88 per cent, over the same period last year.
Imports during February were valued at $28.39 billion, while it was $33.66 billion in the year-ago month, down 15.66 per cent. “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.
Oil imports during February were valued at $6.101 billion, 55.49 per cent lower than $13.706 billion in the year-ago period. Oil imports during April-February, 2014-15 totalled $130.84 billion, down 12.24 per cent year-on-year.
The Commerce Ministry data further said that services exports (receipts) during January, were valued $14.250 billion and imports (payments) totalled $7.78 billion, leaving a trade surplus (net exports) of $6.46 billion in January.