India's export volume witnesses 12.36% hike in Dec '17

Exports during December 2017 exhibited 12.36 percent surge in dollar terms compared to the same period last year, thus continuing its positive trajectory since August 2016.

As per foreign trade data released by the Ministry of Commerce and Industry, exports in December 2017 were valued at Rs. 173648.73 crores as compared to Rs. 163344.45 crore during the same period last year, registering a rise of 6.31 percent.

In this time frame, major commodity groups of export with positive growth over the corresponding month of last year were engineering goods (25.32percent), petroleum products (25.15percent), gems and jewellery (2.38percent), organic and inorganic chemicals (31.36percent), and drugs and pharmaceuticals (6.95percent).

Furthermore, the cumulative value of exports for the period April-December 2017-18 was Rs 1441419.91 crore, as against Rs 1338341.51 crore in the same period last year, thus registering a positive growth of 7.70 percent.

Meanwhile, imports in December 2017 were valued at Rs 269242.54 crore, which was 14.59 percent higher over the level of imports valued at Rs. 234952.15 crores in December 2016. Furthermore, the cumulative value of imports for the period April-December 2017-18 was Rs. 2182289.84 crore as against Rs. 1865151.87 crore, registering a positive growth of 17 percent over the same period last year.

Major commodity groups of import showing high growth in December 2017 over the corresponding month of last year were petroleum, crude and products (34.94percent), electronic goods (19.2percent), pearls, precious and semi-precious stones (93.98percent), gold (71.52percent), and machinery, electrical and non-electrical (11.21percent).

In terms of oil, imports in December 2017 were valued at USD 10345.88 million, which was 34.94 percent higher than oil imports valued at USD 7667.01 million in December 2016. Furthermore, oil imports during April-December, 2017-18 were valued at USD 76148.85 million, which was 24.18 percent higher than the oil imports of USD 61319.72 million in the corresponding period last year.

On the other hand, non-oil imports during December 2017 were estimated at USD 31564.58 million, which was 17.19 percent higher than non-oil imports of USD 26935.46 million in December 2016. Furthermore, non-oil imports during April-December 2017-18 were valued at USD 262220.78 million, which was 21.07 percent higher than the level of such imports valued at USD 216579.60 million in April-December, 2016-17.