India's trade deficit narrows to USD 10 billion in April
Posted on May 09 2014 | IANS
New Delhi, May 9 : India's trade deficit narrowed to USD 10.08 billion in April, sharply lower from USD 17.67 billion posted the corresponding month of last year, helped by lower imports and a modest increase in exports, government data showed Friday.
The country's trade deficit stood at USD 10.51 billion in March, the last month of fiscal 2013-14.
India's exports rose by 5.26 percent to USD 25.63 billion in April this year from USD 24.35 billion recorded in the same month last year, according to data released by the ministry of commerce and industry here.
Imports during the month under review dropped by 15 percent to USD 35.72 billion as compared to USD 42.02 billion in April 2013,
"The new financial year has started on a positive note and we look forward to build on it. We are aiming for double-digit growth in exports to keep trade deficits within manageable limit," said Rafeeque Ahmed, president, Federation of Indian Export Organisation (FIEO).
Oil imports during April 2014 were valued at USD 12.97 billion, 0.6 percent lower than oil imports valued at USD 13.05 billion in the corresponding period last year.
Non-oil imports dropped by 21.5 percent at USD 22.74 billion during the month under review from USD 28.97 billion recorded in the same month last year.