Ex­ports Up 10.3% in Au­gust, Trade Deficit Widens

The Economic Times - - Saturday Feature/ Economy - Our Bureau

New Delhi: In­dia’s ex­ports re­bounded in Au­gust af­ter slow­ing down in July, helped by a re­cov­ery in global de­mand. The coun­try’s ex­ports grew 10.3% to $23.8 bil­lion last month. Im­ports out­paced ex­ports and in­creased 21% to $35.46 bil­lion, widen­ing the trade deficit to $11.6 bil­lion from $7.7 bil­lion a year ear­lier. Growth in out­bound ship­ments slowed to an eight-month low in July, weighed down by ap­pre­ci­a­tion in the ru­pee and dis­rup­tions on ac­count of the in­tro­duc­tion of the goods and ser­vices tax regime.

Ex­ports of en­gi­neer­ing goods grew 19.53%, petroleum prod­ucts in­creased 36.56%, drugs and phar­ma­ceu­ti­cals rose 4.21% and ready­made gar­ments grew 0.56%, ac­cord­ing to data re­leased by the com­merce and in­dus­try min­istry on Fri­day. “In con­tin­u­a­tion with the pos­i­tive growth ex­hib­ited by ex­ports for the last 12 months, ex­ports dur­ing Au­gust 2017 have shown growth,” the min­istry said in a state­ment.

“A pickup in ex­ports dur­ing Au­gust au­gurs well for 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, Chair­man of EEPC In­dia. Oil im­ports grew 14.22% to $7.75 bil­lion in Au­gust.

Cu­mu­la­tive ex­ports dur­ing AprilAu­gust rose 8.57% to $118.57 bil­lion, while im­ports in­creased 26.6% to $181.71 bil­lion, leav­ing a trade deficit of $63.14 bil­lion in the first five months of the fi­nan­cial year.

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