New Delhi– India’s exports revived for the sixth straight month, as the country’s merchandise shipments overseas reported a double-digit growth during February, official data showed on Wednesday.
According to data released by the Ministry of Commerce and Industry, the exports grew by 17.48 per cent to $24.49 billion from $20.84 billion worth of merchandise shipped out during February 2016.
However, the country’s imports during the month under review increased by 21.76 per cent to $33.38 billion from $27.41 billion worth of merchandise which were shipped out in during the corresponding month of last year.
Consequently, the trade deficit during February reduced to $8.89 billion from $9.84 billion reported for the month before. On a year-on-year (YoY) basis, the trade deficit stood at $6.57 billion during same month of 2016.
“The growth in exports is positive for USA (5.61 per cent), EU(1.68 per cent) and Japan(10.87 per cent) but China has exhibited negative growth of (-6.20 per cent) for December 2016 over the corresponding period of previous year as per latest WTO statistics,” said a Commerce Ministry release here.
Cumulatively for the April-February period, exports rose marginally by 2.52 per cent in dollar terms at $245.4 billion, as against exports of $239.3 billion over the same period last year.
“Non-petroleum and non Gems and Jewellery exports in February 2017 were valued at $18.01 billion against $14.99 billion in February 2016, an increase of 20.15 per cent,” a statement here said.
Cumulative imports for April-February were worth at $340.7 billion, which was a 3.67 per cent fall from $353.7 billion worth imports recorded for the same period of the previous fiscal.
India’s oil imports during February were valued at $7.68 billion, which was a massive 60.02 per cent jump over oil imports valued at $4.8 billion in the corresponding month of 2016.
Non-oil imports in February were up by 13.65 per cent, to $25.70 billion, from $22.61 billion in the same month of last year.
The merchandise trade deficit cumulatively for April-February, however, declined by 16.65 per cent to $95.28 billion, as against $114.3 billion in the same period of 2015-16.
As per Reserve Bank of India data on Wednesday, services exports during January 2017 were valued at $13.57 billion, while imports stood at $8.4 billion, resulting in a positive trade balance of $5.16 billion.
Taking merchandise and services together, overall trade deficit for April-February is estimated at $41.8 billion, which is 24 per cent fall from the level of $55.02 billion during the same period last year.