Exports rise for 13th straight month, grow 26 pc in September

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SME Times News Bureau | 16 Oct, 2017
Country's exports grew to USD 28.61 billion in September this year, from USD 23.81 billion in August and USD 22.77 billion during the corresponding month of last year, official data showed on Friday.

According to the Ministry of Commerce and Industry, exports during September on year-on-year (YoY) basis exhibited a growth of 25.67 per cent to USD 28.61 billion from USD 22.77 billion reported for the corresponding month of last year.

"In continuation with positive growth exhibited by exports for the last thirteen months, exports during September have shown growth of 25.67 per cent in dollar terms valued at USD 28,613.41 million as compared to USD 22,768.35 million during September, 2016," the ministry said in a statement.

"During September, all the top ten commodity groups of export have exhibited positive growth over the corresponding month of last year comprising 82.14 per cent share in total exports.

"These are engineering goods (44.24 per cent), gems and jewellery (7.10 per cent), petroleum products (39.69 per cent), organic and inorganic chemicals (46.06 per cent), ready-made garments of all textiles (29.39 per cent), drugs and pharmaceuticals (14.67 per cent), cotton yarn/fabrics/made-ups, handloom products (15.20 per cent), marine products (32.73 per cent), rice (45.66 per cent) and electronic goods (14.32 per cent)."

However, the country's imports during the month under review also increased by 18.09 per cent to USD 37.60 billion from USD 31.84 billion in the corresponding period last year.

"Major commodity group of imports showing high growth in September over the corresponding month of last year are petroleum, crude and products (18.47 per cent), electronic goods (40.90 per cent), pearls, precious and semi-precious stones (56.91 per cent), machinery electrical and non-electrical (16.36 per cent) and coal, coke and briquettes (48 per cent)," the statement said.

Segment-wise, the data showed that India's oil imports during September increased by 18.47 per cent to USD 8.19 billion, from USD 6.91 billion in the same month last year.

"The global Brent prices have increased by 19.42 per cent in September 2017 vis-a-vis September, 2016 as per World Bank commodity price data," the statement added.

The non-oil imports during September were estimated at USD 29.41 billion which was 17.98 per cent higher from USD 24.93 billion shipped in during the corresponding month of 2016.

Consequently, the trade deficit for April-September widened to USD 43.81 billion from USD 16.47 billion reported for April-September 2016-17.

Further, the Ministry disclosed that the services exports data provided by the Reserve Bank of India for August 2017 was estimated at USD 13.70 billion and the services trade deficit at USD 5.04 billion.