India's exports rise for 2nd straight month in October, trade deficit decline by 32%

16 Nov 2016 Evaluate

Rising for the second month in a row, India’s merchandise exports stood at $ 23512.70 million, up by 9.59 percent in month of October 2016, as compared to $ 21456.11 million in October 2015, primarily due to healthy growth in shipments of jewellery and engineering products. In rupee term the exports during the month stood at Rs.156941.86 crore, which was 12.43% higher compared to Rs.139589.17 crore during October, 2015. Cumulative value of exports for the period April-October 2016-17 was $ 154913.20 million as against $ 155179.35 million in October 2015-16, registering a negative growth of 0.17 per cent in Dollar terms, while in rupee terms it stood at Rs.1036417.49 crore compared to Rs.998211.69 crore over the same period last year, showing a positive growth of 3.83 per cent.

The country's imports too increased during the month and stood at $ 33673.53 million, up by 8.11 per cent as compared to at $ 31148.33 million in October, 2015. Cumulative value of imports for the period April-October 2016-17 was $ 208083.15 million as against $ 233417.95 million registering a negative growth of 10.85 per cent in Dollar terms, while in rupee terms it stood at Rs.1392221.35 crore against Rs.1501290.90 crore over the same period last year down by 7.27 per cent.

The trade deficit for October 2016 declined by 32.04 per cent to $ 53169.95 million as compared to $78238.60 million in October 2015. The main export sectors which recorded positive growth in the month included engineering products which rose by 13.86 percent, gems and jewellery by 21.84 percent, petroleum by 7.24 percent and chemicals by 6.65 percent compared to the same month last year.

Oil imports during October, 2016 were valued at $ 7141.48 million, up 3.98 percent from oil imports of $ 6868.28 million in the corresponding period last year. Oil imports during April- October, 2016-17 were valued at $ 46438.65 million, 15.78 per cent lower than the oil imports of $ 55139.39 million in the corresponding period last year. Non-oil imports during October, 2016 were estimated at $ 26532.05 million, 9.28 per cent higher than non-oil imports of $ 24280.05 million in October, 2015. Non-oil imports during April-October 2016-17 were valued at $ 161644.50 million, 9.33 per cent lower than $ 178278.56 million in April- October, 2015-16.

In September, exports grew by 4.62 percent to $ 22.9 billion on the back of expansion in shipments of engineering products and gems and jewellery, arresting the two-month fall. Exports were in negative zone between December 2014 and May 2016 due to weak global demand and slide in oil prices. Shipments witnessed growth only in June this year thereafter again entered into negative zone in July.

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