Exports up 4.39% in June
Trade deficit shoots up to $12.96b in June from $8.11b in the year-ago period
India’s gold import more than doubled to $2.45 billion in June against $1.20 billion in the same month last year, resulting in 19 per cent jump in overall imports by the country last month.
Exports grew by 4.39 per cent to $23.56 billion in June, as shipments of marine products, chemicals and engineering goods improved, according to the official data released on Friday. Imports expanded by 19 per cent to $36.52 billion from $30.68 billion in the review period due to rise in inward shipments of oil and gold.
Due to the rise in imports, India’s trade deficit too shot up to $12.96 billion in June from $8.11 billion in the year-ago period, the data released by the commerce ministry showed.
Oil import was valued at $8.12 billion last month, an increase of 12.04 per cent over the same period last year. Export in the first quarter of 2017-18 rose by 10.57 per cent to $72.21 billion, while import surged 32.78 per cent to $112.2 billion, leaving a trade deficit of $40 billion.
The government said exports have been exhibiting positive growth for the last nine months. In continuation with the growth indicated by exports since September 2016, exports during June 2017 have shown a growth of 4.39 per cent in dollar terms. In rupee terms, exports registered a negative growth of 0.04 per cent.
The major commodity groups that showed positive growth in June over the corresponding month of last year are engineering goods (14.78 per cent), petroleum products (3.60 per cent), organic and inorganic chemicals (13.20 per cent), rice (27.29 per cent) and marine products (24.27 per cent).
The cumulative value of exports for the April-June period was $72,212.33 million (Rs 465,472.04 crore) against $65,311.77 million (Rs 436,960.98 crore) in the corresponding period last year, registering a positive growth of 10.57 per cent in dollar terms and 6.52 per cent in rupee terms.
Non-petroleum and non-gems jewellery exports in June were valued at $ 174,80.56 million against $164,88.23 million in June 2016, an increase of 6.02 per cent. Non-petroleum and non-gems and jewellery exports during April-June were valued at $52,713.79 million as compared to $48,028.95 million for the corresponding period in 2016, an increase of 9.75 per cent.
Cumulative value of imports for the April-June period was $112,263.10 million (Rs 723,631.11 crore) against $84,545.78 million (Rs 565,754.29 crore) in the year-ago period, registering a positive growth of 32.78 per cent in dollar terms and 27.91 per cent in rupee terms.
The major commodity groups that showed high growth in imports in June include petroleum and crude products (12.04 per cent), electronic goods (24.22 per cent), pearls, precious and semi-precious stones (86.31 per cent), machinery, electrical and non-electrical (7.02 per cent) and gold (102.99 per cent).