India’s exports up 9.07%; trade deficit widens to over 3-year high

16 Feb 2018 Evaluate

Extending the growth trend for third straight month, India’s merchandise exports grew by 9.07% to $ 24383.97 million in January 2018, on account of healthy growth in shipments of chemicals, engineering goods and petroleum products. The country’s exports have been on a positive trajectory since August 2016 to January 2018 with a dip of 1.1% in the month of October 2017. However, the overall trade deficit widened to $16298.47 million during the month under review as against $9904.82 million in January 2017, the highest in more than three years. The trade deficit during April- January 2017-18 was $131155.52 million as against $ 88337.00 million in the same period last year.

As per the data released by the Commerce Ministry, exports grew by 9.07% to $ 24383.97 million in January 2018, as compared to $22356.32 million in the same month a year ago. In Rupee terms exports surged by 1.95% to Rs 155172.00 crore in January 2018, as compared to Rs 152202.70 crore in January 2017. Cumulative value of exports for the period April-January 2017-18 was $247896.55 million as against $221823.46 million, registering a positive growth of 11.75% over the same period last year. In Rupee terms it increased by 7.11% to Rs 1596591.91 crore from Rs 1490544.21 crore.

Non-petroleum and Non Gems & Jewellery exports in January 2018 were valued at $17523.24 million against $16607.36 million in January 2017, an increase of 5.51%. Non-petroleum and Non Gems and Jewellery exports during April-January 2017-18 were valued at $181238.18 million as compared to $161281.88 million for the corresponding period in 2016-17, an increase of 12.37%.

Imports during January 2018, advanced by 26.10% to $40682.44 million as compared to $32261.14 million in January 2017 and in rupee terms it was up by 17.87% to Rs 258890.43 crore from Rs 219635.13 crore in January 2017. Cumulative value of imports for the period April-January 2017-18 was $379052.07 million as against $310160.46 million, registering a positive growth of 22.21% over the same period last year. In rupee terms the cumulative value of imports was Rs 2441180.27 crore, up by 17.09% as against Rs 2084786.99 crore in the same period last year.

Oil imports during January 2018, were valued at $11659.07 million which was 42.64% higher than oil imports valued at $8173.96 million in January 2017. Oil imports during April- January, 2017-18 were valued at $87807.92 million which was 26.35% higher than the oil imports of $69493.68 million in the corresponding period last year. Non-oil imports during January, 2018 were estimated at $29023.37 million which was 20.49% higher than non-oil imports of $24087.18 million in January 2017. Non-oil imports during April- January 2017-18 were valued at $291244.15 million which was 21.02% higher than the level of such imports valued at $240666.78 in April- January, 2016-17.

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