India’s exports jump 10.29% in August; trade deficit too widens to $11.64 billion

18 Sep 2017 Evaluate

After a single digit growth in the month of July, India’s export picked up pace in August 2017 and moved higher for the 12th straight month by 10.29% to $23.81 billion, as compared to $21.59 billion during August 2016, on the back of rise in shipments of engineering, petroleum, chemicals and pharmaceuticals products. However, the trade deficit widened to $11.64 billion in the month under review, from $7.7 billion during the same month a year ago, as Imports too rose by 21.02% to $35.46 billion in August from $29.30 billion in the year-ago month due to rise in inward shipments of crude oil and gold. The overall trade deficit for April-August 2017-18 is estimated at $39.87 billion as compared to $12.72 billion during April-August 2016-17.

As per the data released by the Commerce Ministry, exports grew by 10.29% to $23.81 billion in August 2017, as compared to $21.59 billion in the same month a year ago. In Rupee terms exports was higher by 5.39% to Rs 152365.23 crore in August 2017, as compared to Rs 144570.03 crore in August 2016. Cumulative value of exports for the period April-August 2017-18 was $118.57 billion as against $109.21billion, registering a positive growth of 8.57% over the same period last year. In Rupee terms it was up by 6.52% to Rs 763145.37 crore from Rs 731420.12 crore.

Non-petroleum and Non Gems & Jewellery exports in August 2017 were valued at $17.74 billion against $15.50 billion in August 2016, an increase of 14.47%. Non-petroleum and Non Gems and Jewellery exports during April-August 2017-18 were valued at $87.43 billion as compared to $79.62 billion for the corresponding period in 2016-17, an increase of 9.82%.

Imports during August 2017, increased by 21.02% to $35.46 billion as compared to $29.30 billion in August 2016, while in rupee terms it was up by 15.65 % to Rs 226849.74 crore from Rs 196154.44 crore in August 2016. Cumulative value of imports for the period April-August 2017-18 was $181.71 billion as against $143.50 billion, registering a positive growth of 26.63% over the same period last year. In rupee terms the cumulative imports was Rs 1169589.74 crore, up by 21.68% from Rs 961178.43 crore in the same period last year.

Oil imports during August, 2017 were valued at $7.75 billion which was 14.22% higher than oil imports valued at $6.78 billion in August 2016. Oil imports during April-August, 2017-18 were valued at $38.77 billion which was 18.89% higher than the oil imports of $32.61 billion in the corresponding period last year. Non-oil imports during August, 2017 were estimated at $27.70 billion which was 23.07% higher than non-oil imports of $22.51 billion in August, 2016. Non-oil imports during April-August 2017-18 were valued at $142.94 billion which was 28.91% higher than the level of such imports valued at $110.88 billion in April-August, 2016-17.

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