Coal news and updates

India’s trade deficit touches a record low in 2015-16

India’s foreign trade deficit during financial year 2015-16 narrowed to over $118.50 billion from a high of 137.70 billion in 2014-15 as both imports and exports declined by over 15%, an official said released on late April 18 said.

Meanwhile, the deficit in March 2016 narrowed to over a five-year low of $5.07 billion from a high of $11.40 in March 2015, largely on account of a sharp decline in imports even though exports fell nominally, the data revealed.

Taking a cue from the narrowing of trade deficit, the Indian currency climbed the most in a month to Rs 66.2225 to one US dollar on April 20.

The country’s imports during financial year 2015-16 slipped by 15.85% to $261.14 billion from $310.34 billion whereas exports during the year fell 15.28% to $379.60 billion from a high of $448.03 billion.

The imports in March 2016, the last month of the financial year, fell by 21.6% to $22.72 billion from $24.03 billion whereas exports fell by 5.5% to $27.79 billion from $35.43 billion in March 2015.