Imports and exports fell sharply by 18 per cent 16 per cent respectively in dollar terms, as a impact of global slowown. Also, continuation to this the trade deficit also moderated to $6 billion in January 2009. Provisional trade figures compiled by the DGCI&S and released by the Department of Commerce here on Monday show exports in January at $12.38 billion were 15.9 per cent down than $14.71 billion in the corresponding month of 2008, while imports at $18.45 billion were 18.2 per cent lesser than $22.56 billion in the comparable month. As a result of the slowdown, the trade deficit for January is the lowest in recent months at $6 billion, against $9.9 billion in January 2008.
Because of the constantly constructive trends in exports during the first half of the current fiscal, the overall exports during the first 10 months at $144.26 billion show a relatively high growth of 13.2 per cent compared to $127.45 billion in the corresponding month of 2007-08. The deceleration in export juggernaut traction began in October 2008 and every month since then growth has been negative with the worst fall of 16.2 per cent in January 2009. Exports in rupee terms witnessed a modest 4.3 per cent increase at Rs 60,460 crore against Rs 57, 948 crore.
On the import front, cumulative value of imports in April-January 2008-09 at $243.35 billion ($194.28 billion) was 25.3 per cent higher. In rupee terms, the growth in import was 39.4 per cent up at Rs 10, 90,182 crore (Rs 7, 82,207 crore). Oil imports during January 2009 were lower by 47.5 per cent at $4.46 billion ($8.50 billion), reflecting the steep drop in global crude prices. Nevertheless, overall oil imports during the first 10 months of the current fiscal at $83.29 billion ($62.92 billion) were 32.4 per cent higher.
Non-oil imports at $13.99 billion in January 2009 ($14 billion) were 0.5 per cent lower. However, overall non-oil import growth during April-January 2008-09 at $160 billion ($131.35 billion) was 21.9 per cent higher. With overall import growth registering a 25.3 per cent surge in the first 10 months of the current fiscal and exports growing at 13.2 per cent, the trade deficit has zoomed to $99 billion, against $66.83 billion in the equivalent months of 2007-08.
Because of the constantly constructive trends in exports during the first half of the current fiscal, the overall exports during the first 10 months at $144.26 billion show a relatively high growth of 13.2 per cent compared to $127.45 billion in the corresponding month of 2007-08. The deceleration in export juggernaut traction began in October 2008 and every month since then growth has been negative with the worst fall of 16.2 per cent in January 2009. Exports in rupee terms witnessed a modest 4.3 per cent increase at Rs 60,460 crore against Rs 57, 948 crore.
On the import front, cumulative value of imports in April-January 2008-09 at $243.35 billion ($194.28 billion) was 25.3 per cent higher. In rupee terms, the growth in import was 39.4 per cent up at Rs 10, 90,182 crore (Rs 7, 82,207 crore). Oil imports during January 2009 were lower by 47.5 per cent at $4.46 billion ($8.50 billion), reflecting the steep drop in global crude prices. Nevertheless, overall oil imports during the first 10 months of the current fiscal at $83.29 billion ($62.92 billion) were 32.4 per cent higher.
Non-oil imports at $13.99 billion in January 2009 ($14 billion) were 0.5 per cent lower. However, overall non-oil import growth during April-January 2008-09 at $160 billion ($131.35 billion) was 21.9 per cent higher. With overall import growth registering a 25.3 per cent surge in the first 10 months of the current fiscal and exports growing at 13.2 per cent, the trade deficit has zoomed to $99 billion, against $66.83 billion in the equivalent months of 2007-08.
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