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Exports Record 25.67 % Jump in September, Trade Deficit Goes Down

New Delhi:

Port Wings News Network:

Showing the signs of recovery in EXIM sector, India’s exports has recorded a robust growth of 25.67 % in September, mainly on account of phenomenal rise in shipments of engineering, chemicals, and petroleum products, government data released on 13 October has revealed.

According to a media statement from the Commerce Ministry, imports too rose by 18.09 % in September compared to same period in previous year.

Cumulative exports during April-September 2017-18 increased by 11.52 percent to USD 147.18 billion, while imports grew by 25.08 percent to USD 219.31 billion, leaving a trade deficit of USD 72.12 billion.

EXPORTS (including re-exports)

In continuation with positive growth exhibited by exports for the last thirteen months, exports during September 2017 have shown growth of 25.67 per cent in dollar terms valued at US $ 28613.41 million as compared to US $ 22768.35 million during September,2016. In Rupee terms, during September 2017 exports were valued at Rs. 184387.36 crore as compared to Rs. 151950.74 crore during September, 2016, registering a positive growth of 21.35 per cent.

TOP TEN COMMODITY GROUPS EXHIBITED POSITIVE GROWTH

During September 2017, all the top ten commodity groups of export have exhibited positive growth over the corresponding month of last year comprising 82.14% share in total exports. These are Engineering Goods (44.24%), Gems and Jewellery (7.10%), Petroleum Products (39.69%), Organic & Inorganic Chemicals (46.06%), RMG of all Textiles (29.39%), Drugs & Pharmaceuticals (14.67%), Cotton Yarn/Fabs./made-ups, Handloom Products etc. (15.20%),Marine Products (32.73%),Rice (45.66%) and Electronic Goods (14.32%).

Cumulative value of exports for the period April-September 2017-18 was US $ 147188.37 million (Rs 947532.73 crore) as against US $ 131983.79 million (Rs 883370.86 crore) registering a positive growth of 11.52 per cent in Dollar terms and 7.26 per cent in Rupee terms over the same period last year.

Non-petroleum and Non Gems & Jewellery exports in September 2017 were valued at US $ 20237.82 million against US $ 15731.26 million in September 2016, an increase of 28.65 %. Non-petroleum and Non Gems and Jewellery exports during April -September 2017-18 were valued at US $ 107676.39 million as compared to US $ 95354.05 million for the corresponding period in 2016-17, an increase of 12.92%.

IMPORTS

Imports during September 2017 were valued at US $ 37597.70 million (Rs 242282.96 crore) which was 18.09 per cent higher in Dollar terms and 14.02 per cent higher in Rupee terms over the level of imports valued at US $ 31839.02 million (Rs. 212486.28 crore) in September, 2016. Cumulative value of imports for the period April-September 2017-18 was US $ 219317.20 million (Rs. 1411872.70 crore) as against US $ 175339.89 million (Rs. 1173664.70 crore) registering a positive growth of 25.08 per cent in Dollar terms and 20.30 per cent in Rupee terms over the same period last year.

Major commodity group of imports showing high growth in September 2017 over the corresponding month of last year are Petroleum, Crude & products (18.47 %), Electronic goods (40.90 %), Pearls, precious & Semi-precious stones (56.91%), Machinery electrical & non-electrical (16.36%) and Coal, Coke & Briquettes (48.00%).

TRADE BALANCE

MERCHANDISE: The trade deficit for September 2017 was estimated at US $ 8984.29 million which was 0.95 per cent lower as against the deficit of US $ 9070.67 million during September 2016.

SERVICES: As per RBI’s Press Release dated 13th October 2017, the trade balance in Services (i.e. net export of Services) for August, 2017 was estimated at US $ 5,043 million.

OVERALL TRADE BALANCE: Taking merchandise and services together, overall trade deficit for April-September 2017-18 is estimated at US $ 43813.83million as compared to US $ 16467.10 million during April-September 2016-17. (Services data pertains to April-August 2017-18 as August 2017 is the latest data available as per RBI’s Press Release dated 13th October 2017)

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