Engineering goods push exports higher to $26 bn in November

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SME Times News Bureau | 18 Dec, 2017
Healthy off-take of India's engineering and petroleum products pushed exports higher to $26.19 billion in November, from $23 billion in October and $20.06 billion during the corresponding month of last year, official data showed on Friday, even as the country's strength in services was reflected in their higher exports continuing in October.

According to the Ministry of Commerce and Industry, exports during last month exhibited a growth of 30.55 per cent on a year-on-year (Y-o-Y) basis.

"Exports during November 2017 have exhibited high positive growth of 30.55 per cent in dollar terms vis-a-vis November 2016," the Ministry said in a statement.

"This is on the pattern of positive growth in exports in last thirteen months with a dip of 1.12 per cent in October 2017 vis-a-vis same period last year."

The data pointed out healthy growth in exports of "engineering goods (43.76 per cent), petroleum products (47.68), gems and jewellery (32.69), organic and inorganic chemicals (54.28), and drugs and pharmaceuticals (13.39)."

"Non-petroleum and non gems and jewellery exports in November 2017 were valued at $19,247.56 million as against $15,104.42 million in November 2016, an increase of 27.43 per cent," the statement said.

However, the country's imports during the month under review also increased by 19.61 per cent to $40.02 billion from $33.46 billion in the corresponding period last year.

Segment-wise, the data showed that India's oil imports during November shot up by 39.14 per cent to $9.55 billion, from $6.86 billion in the same month last year.

Non-oil imports during last month stood at $30.47 billion with a growth of 14.57 per cent over non-oil imports of $26.59 billion in November last year.

Consequently, India's trade deficit widened to $13.82 billion during last month, as against $13.39 billion in November last year.

As per Reserve Bank of India data on Friday, Indian services exports in October this year at $14.15 billion resulted in a positive trade balance on this account for the month at $5.45 billion, over the balance of $5.28 billion in the previous month.