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Last updated: 16 Feb, 2017  

Exports.9.thmb.jpg Exports rise 4 pc to over $22 bn in Jan

Exports.9.jpg
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SME Times News Bureau | 16 Feb, 2017
Continuing with the revival in exports for the fifth month in a row, Indian merchandise shipments overseas at USD 22.12 billion in January 2017 registered an uptick of 4.32 percent over the USD 21.20 billion exported in January 2015, official data showed on Wednesday.

Imports during the month in consideration at USD 31.96 billion also marked an increase of 10.70 percent over the USD 28.87 billion worth of imports in January last year.

Consequently, the trade deficit in January was higher at USD 9.84 billion, as compared to the deficit of USD 7.67 billion during same month of 2016.

"The growth in exports is positive for USA (2.63 percent), EU (5.47 percent) and Japan (13.43 percent), but China has exhibited negative growth of (-1.51 percent) for November 2016 over the corresponding period of previous year as per latest WTO statistics," a Commerce Ministry release here said.

Cumulatively for the April-January period, exports rose marginally by 1.09 percent in dollar terms at USD 220.9 billion, as against exports of USD 218.5 billion over the same period last year.

"Non-petroleum exports in January 2017 were valued at USD 19.42 billion against USD 19.11 billion in January 2016, an increase of 1.6 percent," a statement here said

Cumulative imports for April-January were worth more than USD 307.3 billion, which was a 5.81 percent fall from the over USD 326.3 billion worth imports recorded for the same period of the previous fiscal.

With global oil prices climbing back to nearly USD 55 a barrel, India's oil imports during January were valued at USD 8.14 billion, which was a massive 61.07 percent jump over oil imports valued at USD 5.05 billion in the corresponding month of 2016.

Non-oil imports in January were static, increasing by 0.01 percent to USD 23.82 billion, from USD 23.81 billion in the same month of last year.

The merchandise trade deficit cumulatively for April-January, however, declined by 19.82 percent to USD 86.39 billion, as against USD 107.7 billion in the same period of 2015-16.

As per Reserve Bank of India data on Wednesday, services exports during December 2016 were valued at USD 13.80 billion, while imports stood at 8.29 billion, resulting in a positive trade balance of USD 5.5 billion.

Taking merchandise and services together, overall trade deficit for April-January is estimated at USD 38.07 billion, which is an impressive 29.7 percent fall from the level of USD 54.19 billion during the same period last year.
 
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