India’s exports have contracted by 3.67 percent in February 2014 to 25.7 billion dollars (159858.16 crore rupees). This contraction is the first in past eight months. Imports of the country also have fell by 17.09 percent to 33.8 billion dollars (210451.11 crore rupees) during the month. This fall in imports and exports has resulted in narrowing the trade deficit to a dive-month low of 8.1 billion dollars.
Apart from these, the import of oil declined 3.1 percent at 13696.8 million US dollars whereas the non-oil imports fell 24.5 percent at 20122.3 million US dollars. The trade deficit has improved mainly on account of big 71.4 percent decline in gold and silver imports to 1.6 billion dollars in February 2014.
Exports between April 2013 and February 2014 rose 4.8 percent to 283 billion US dollars and import felled 8.7 percent to 411 billion dollars. During the same period, the trade deficit stood at 128 billion US dollars and non-oil imports slipped 13.4 percent.
The trade deficit during April-February 2013-14 was estimated at 128086.26 million US dollars, which was lower than the deficit of 179929.64 million US dollar during April-February 2012-13.