India Trade deficit slipped to USD 9.6 Billion in February 2019
India’s Balance of Trade were improved in the month of February 2019, as the trade deficit slipped to USD 9.6 Billion. This is the lowest trade deficit Since September 2017. In the year 2018, for the same period it was seen that the trade deficit were at USD 12.3 Billion.
Mostly, the export numbers were driven by Engineering goods, Drugs and Pharmaceuticals. In the Balance of Trade for India, the exports were increased by 2.4 percent year on year to USD 26.7 Billion. The Drugs and Pharmaceuticals holding with 16.1 percent and the Engineering goods of 1.7 percent in the Exports.
On the same time, the Import numbers were declined by 5.4 percent to USD 36.3 Billion, which was a positive sign for the Country (26.7 Billion – 36.3 Billion = -9.6 Billion) – Trade deficit. For the imports, it was driven by Gold, Oil and Electronic goods in the last month. The Gold imports were declined by -10.8 percent. The decline in Oil imports was seen at -8.1 percent and import of Electronic goods down by -6.5 percent.
Importantly in a Country like India, it continues to record a trade deficit Since the year 1980 with strong imports due to Mineral Fuels, Oils, Waxes, Bituminous Substances, Pearls, Precious stones and Jewellery. The Country were recorded its biggest trade deficit in the recent years, with China, Iraq, Indonesia, Saudi Arabia and Switzerland and the trade surpluses with countries like United States, United Arab Emirates, United Kingdom, Hong Kong and Vietnam.
For the 11 months (Apr 2018 – Feb 2019) of this current fiscal year, the trade deficit increased to USD 165.52 Billion. In the previous year for the same period, it was seen at USD 148.55 Billion. From the year 1957 to 2019, India’s total trade was averaged of -2553.58 USD Million, which reaching the all time high of USD 258.90 Million in the March month of 1977. The record low were seen in the October of 2012, with USD -20210.90 Million.
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