India's February exports up by over 17 percent

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SME Times News Bureau | 16 Mar, 2017
India's exports revived for the sixth straight month, as the country's merchandise shipments overseas reported a double-digit growth during February, official data showed on Wednesday.

According to data released by the Ministry of Commerce and Industry, the exports grew by 17.48 percent to USD 24.49 billion from USD 20.84 billion worth of merchandise shipped out during February 2016.

However, the country's imports during the month under review increased by 21.76 percent to USD 33.38 billion from USD 27.41 billion worth of merchandise which were shipped out in during the corresponding month of last year.

Consequently, the trade deficit during February reduced to USD 8.89 billion from USD 9.84 billion reported for the month before. On a year-on-year (YoY) basis, the trade deficit stood at USD 6.57 billion during same month of 2016.

"The growth in exports is positive for USA (5.61 percent), EU(1.68 percent) and Japan(10.87 percent) but China has exhibited negative growth of (-6.20 percent) for December 2016 over the corresponding period of previous year as per latest WTO statistics," said a Commerce Ministry release here.

Cumulatively for the April-February period, exports rose marginally by 2.52 percent in dollar terms at USD 245.4 billion, as against exports of USD 239.3 billion over the same period last year.

"Non-petroleum and non Gems and Jewellery exports in February 2017 were valued at USD 18.01 billion against USD 14.99 billion in February 2016, an increase of 20.15 percent," a statement here said.

Cumulative imports for April-February were worth at USD 340.7 billion, which was a 3.67 percent fall from USD 353.7 billion worth imports recorded for the same period of the previous fiscal.

India's oil imports during February were valued at USD 7.68 billion, which was a massive 60.02 percent jump over oil imports valued at USD 4.8 billion in the corresponding month of 2016.

Non-oil imports in February were up by 13.65 percent, to USD 25.70 billion, from USD 22.61 billion in the same month of last year.

The merchandise trade deficit cumulatively for April-February, however, declined by 16.65 percent to USD 95.28 billion, as against USD 114.3 billion in the same period of 2015-16.

As per Reserve Bank of India data on Wednesday, services exports during January 2017 were valued at USD 13.57 billion, while imports stood at USD 8.4 billion, resulting in a positive trade balance of USD 5.16 billion.

Taking merchandise and services together, overall trade deficit for April-February is estimated at USD 41.8 billion, which is 24 percent fall from the level of USD 55.02 billion during the same period last year.