Exports surge 10.3 per cent in August, imports go up by 21 per cent
By Express News Service | Published: 16th September 2017 01:27 AM |
NEW DELHI: Exports grew 10.29 per cent in dollar terms during August 2017 and 5.39 per cent in rupee terms, government data released on Friday showed. In August, exports were valued at $23.8 billion compared to $21.5 billion during the same period last year. In rupee terms, during August 2017, exports were valued at Rs 1,52,365.23 crore compared to Rs 1,44,570.03 crore in August 2016.
“A pick-up in exports during August augurs well for the Indian exporters who seem to be benefiting from a recovery in major global markets, including the key economies of the US and Europe,” said TS Bhasin, India chairman of Engineering Export Promotion Council.
According to the trade date released by the commerce ministry on Friday, engineering goods (19.53 per cent), petroleum products (36.56 per cent), organic and inorganic chemicals (32.41 per cent), drugs and pharmaceuticals (4.21 per cent), and readymade garments (0.56 per cent) showed positive growth in August over the year-ago period.
Cumulative exports during April-August of 2017-18 rose by 8.57 per cent to $118.57 billion, while imports increased 26.63 per cent to $181.71 billion, leaving a trade deficit of $63.14 billion.
“While we are very encouraged by the current trend in exports, I’m worried about future growth as order booking position from October onwards is not very encouraging in view of increasing global uncertainties, rupee volatility and challenges at the domestic front,” said Ganesh Kumar Gupta, president, FIEO.
Imports, too, rose 21.02 per cent at $35.4 billion in dollar terms and 15.65 per cent in rupee terms. Major sectors where imports soared include petroleum, crude & products (14.22 per cent), electronic goods (27.44 per cent), machinery, electrical & non-electrical (18.35 per cent), gold (68.90 per cent), and precious & semi-precious stones (30.88 per cent).