India’s export jumps 26% in September; trade deficit narrows to 7-month low

16 Oct 2017 Evaluate

Expanding at a fastest pace and at highest in last six months, India’s exports grew for the 13th straight month recording robust growth of 25.67% to $28.61 billion in September 2017, on the back of expansion in shipments of chemicals, petroleum and engineering products. This is the highest export growth rate since March 2017 when shipments grew by 27.5%. Also, the trade deficit narrowed to 7-month low of $8.98 billion in the month under review, from $9.07 billion in September 2016, as imports rose at a slower pace by 18.09% to $37.59 billion in September from $31.83 billion in the year-ago month. Besides, gold imports dipped by 5% to $1.7 billion from $1.8 billion in September last year.

As per the data released by the Commerce Ministry, exports grew by 25.67% to $28.61 billion in September 2017, as compared to $22.76 billion in the same month a year ago. In Rupee terms it was higher by 21.35% to Rs 184387.36 crore in September 2017, as compared to Rs 151950.74 crore during September 2016. Cumulative value of exports for the period April-September 2017-18 was $147.18 billion as against $131.98 billion, registering a positive growth of 11.52% over the same period last year. In Rupee terms it was up by 7.26% to Rs 947532.73 crore from Rs 947532.73 crore.

Non-petroleum and Non Gems & Jewellery exports in September 2017 were valued at $20.23 billion against $15.73 billion in September 2016, an increase of 28.65%. Non-petroleum and Non Gems and Jewellery exports during April -September 2017-18 were valued at $107.67 billion as compared to $95.35 billion for the corresponding period in 2016-17, an increase of 12.92%.

Imports during September 2017, increased by 18.09% to $37.59 billion as compared to $31.83 billion in September 2016, while in rupee terms it was up by 14.02% to Rs 242282.96 crore from Rs 212486.28 crore in September 2016. Cumulative value of imports for the period April-September 2017-18 was $219.31 billion as against $175.33 billion, registering a positive growth of 25.08% over the same period last year. In rupee terms the cumulative imports was Rs 1411872.70 crore, up by 20.30% from Rs 1173664.70 crore in the same period last year.

Oil imports during September, 2017 were valued at $8.18 billion which was 18.47% higher than oil imports valued at $6.91 billion in September 2016. Oil imports during April-September, 2017-18 were valued at $46.96 billion which was 18.82% higher than the oil imports of $39.52 billion in the corresponding period last year. Non-oil imports during September, 2017 were estimated at $29.40 billion which was 17.98% higher than non-oil imports of $24.92 billion in September, 2016. Non-oil imports during April-September 2017-18 were valued at $172.35 billion which was 26.90% higher than the level of such imports valued at $135.81billion in April-September, 2016-17.

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