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India's February exports up by over 17%

IANS  |  New Delhi 

India's 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 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 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 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.



(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, March 16 2017. 00:00 IST