India’s exports rise 19% in August; trade deficit narrows to $17.39 billion

17 Sep 2018 Evaluate

Continuing growth momentum for the fifth straight month, India’s merchandise exports rose at the fastest pace in three months in the month of August 2018, mainly on the back of healthy growth in petroleum products, engineering, pharma, and gems and jewellery shipments. Besides, imports too grew due to costlier crude oil shipments. However, during the reporting month, trade deficit narrowed to $17.39 billion as against $12.72 billion in the same month last year. In July, the trade deficit soared to a near five-year high of $18.02 billion. Moreover, taking merchandise and services together, overall trade deficit for April-August 2018-19 is estimated at $47.72 billion as compared to $38.95 billion in April-August 2017-18.

As per the data released by the Commerce Ministry, exports grew by 19.21% to $27.84 billion in August 2018, as compared to $23.36 billion in the same month a year ago. In Rupee terms, exports were higher by 29.60% to Rs 1,93,624.74 crore in August 2018, as compared to Rs 1,49,398.90 crore in August 2017. Cumulative value of exports for the period April-August 2018-19 was $136.09 billion as against $117.19 billion during the period April-August 2017-18, registering a positive growth of 16.13% over the same period last year. In Rupee terms, it was up by 22.44% to Rs 9,23,447.82 crore from Rs 7,54,218.89 crore.

Non-petroleum and Non Gems and Jewellery exports in August 2018 were $20.70 billion, as compared to $17.78 billion in August 2017, exhibiting a positive growth of 16.45%. Non-petroleum and Non Gems and Jewellery exports in April-August 2018-19 were $99.24 billion, as compared to $87.60 billion for the corresponding period in 2017-18, an increase of 13.28%.

Imports during August 2018 increased by 25.41% to $45.24 billion as compared to imports of $36.07 billion in August 2017, while in rupee terms it was up by 36.34% to Rs 3,14,597.54 crore from Rs 2,30,737.96 crore in August 2017. Cumulative value of imports for the period April-August 2018-19 was $216.43 billion, as against $184.45 billion during the period April-August 2017-18, registering a positive growth of 17.34% over the same period last year. In rupee terms, it was Rs 14,69,479.24 crore, up by 23.78% from Rs 11,87,188.89 crore in the same period last year.

Oil imports in August 2018 were $11.83 billion, which was 51.62% higher, compared to $7.80 billion in August 2017. Oil imports in April-August 2018-19 were $58.81 billion which was 53.55% higher in compared to $38.30 billion over the same period last year. Non-oil imports in August 2018 were estimated at $33.41 billion which was 18.17% higher, compared to $28.27 billion in August 2017. Non-oil imports in April-August 2018-19 were $157.62 billion which was 7.84% higher, compared to $146.15 billion in April-August 2017-18. Non-Oil and Non-Gold imports were $29.77 billion in August 2018, up 12.84 over the same period of last year. Non-Oil and Non-Gold imports were $142.57 billion in April-August 2018-19, up 8.93% over the same period of last year.

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