Exports up by 4.48%, imports by 10.41% in Feb'18

Exports during February 2018 exhibited positive growth of 4.48 percent, while imports for the month saw a 10.41 percent, the Ministry of Commerce and Industry stated.

Exports during the month were valued at USD 25834.36 million as compared to USD 24726.71 million in February last year, thus maintaining its positive trajectory since August 2016, barring a temporary setback in October 2017.

During February 2018, major commodity groups of export showing positive growth over the corresponding month of last year were petroleum products (27.44 percent), organic and inorganic chemicals (30.41 percent), drugs and pharmaceuticals (13.92 percent), rice (21.29 percent) and electronic goods (29.71 percent).

Cumulative value of exports for the period April-February 2017-18 was USD 273730.91 million as against USD 246550.17 million over the same period last year, thus registering a positive growth of 11.02 percent.

Non-petroleum and non gems and jewellery exports in February 2018 were valued at USD 18792.79 million as against USD 18176.00 million in February 2017, thus witnessing an increase of 3.39 percent. Furthermore, cumulative exports for this category during April-February 2017-18 were valued at USD 200030.96 million as compared to USD 179457.88 million for the corresponding period in 2016-17, posting an increase of 11.46 percent.

On the other hand, imports during February 2018 were valued at USD 37813.57 million, which is 10.41 percent higher than the same month last year. Cumulative value of imports for the period April-February 2017-18 was USD 416865.64 million as against USD 344408.90 million, thus registering a positive growth of 21.04 percent over the same period last year.

Major commodity groups of import showing high growth in February 2018 over the corresponding month of last year were petroleum, crude and products (32.05 percent), electronic goods (18.95 percent), machinery, electrical and non-electrical (23.04 percent), pearls, precious and semi-precious stones (15.86 percent) and coal, coke and briquettes. (17.73 percent).

Meanwhile, oil imports during February 2018 were valued at USD 10194.33 million, which was 32.05 percent higher than oil imports valued at USD 7719.84 million in February 2017. Furthermore, oil imports during April-February 2017-18 were valued at USD 98002.25 million which was 26.92 percent higher than the oil imports of USD 77213.52 million in the corresponding period last year.

In this connection, the ministry noted that global Brent prices increased by 17.90 percent in February 2018 compared to the same month last year, as per the World Bank's commodity price data.

On the contrary, non-oil imports during February 2018 were estimated at USD 27619.24 million which was 4.11 percent higher than non-oil imports of USD 26528.60 million in February 2017. Cumulative imports during April-February 2017-18 were valued at USD 318863.39 million, which was 19.34 percent higher than the level of such imports valued at USD 267195.38 million in April-February, 2016-17.