India’s June exports rise for 10th consecutive month in June

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New Delhi, July 14 (IANS) India’s exports rose for the 10th consecutive month in June 2017, official data showed on Friday.

Exports grew by 4.39 per cent to $23.56 billion from $22.57 billion worth of merchandise shipped out during June 2016, according to data released by the Ministry of Commerce and Industry.

“Exports have been exhibiting positive growth for the last nine months. In continuation with growth indicated by exports since September 2016, exports during June 2017 have shown growth of 4.39 per cent in dollar terms valued at $23,562.62 million as compared to $22,572.30 million during June, 2016,” the ministry said in a statement.

“During June 2017, major commodity groups of export showing positive growth over the corresponding month of last year are engineering goods (14.78 per cent), petroleum products (3.60), organic and inorganic chemicals (13.20), rice (27.29) and marine products (24.27).”

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The data revealed that non-petroleum and non-gems and jewellery exports in June increased to 6.02 per cent to $17.48 billion against $16.48 billion reported for June 2016.

However, the country’s imports during the month under review also increased by 19.01 per cent to $36.52 billion from $30.68 billion.

“Major commodity group of imports showing high growth in June 2017 over the corresponding month of last year are petroleum, crude and products (12.04), electronic goods (24.22), pearls, precious and semi-precious stones (86.31), machinery, electrical and non-electrical (7.02) and gold (102.99),” the statement said.

Besides, the data showed that India’s oil imports during June increased by 12.04 per cent to $8.12 billion from $7.25 billion.

“The global Brent prices ($/bbl) have decreased by 3.28 per cent in June 2017 vis-à-vis June 2016 as per World Bank commodity price data,” the statement said.

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The data pointed out that non-oil imports were up by 21.17 per cent, to $28.39 billion from $23.43 billion in the corresponding month of last year.

Segment-wise, country’s gold imports on a year-on-year basis zoomed by 102.99 per cent to $2.45 billion from $1.20 billion, whereas on a sequential basis it came down from $4.95 billion reported for May 2017.

Consequently, the trade deficit during the month under review rose higher to $12.95 billion from $8.11 billion reported for June 2016.

Further, the ministry disclosed the services exports data provided by the Reserve Bank of India (RBI) for May 2017 was estimated at $13.43 billion.

The ministry said that cumulative trade balance, including merchandise and services sectors, has improved.

“Taking merchandise and services together, overall trade deficit for April-June 2017-18 is estimated at $28.6 billion as compared to $8 billion during April-June 2016-17,” the statement added.

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