Non-oil exports continue to decline sequentially on strong rupee, GST

Petroleum product exports rose by 11.15% in July helped by steady crude oil prices

Non-oil exports have contracted, month-on-month, since April. Exports of petroleum and related products have been rising in the first four months of 2017-18.

“Non-oil exports fell sharply in July (by 6.47 per cent, month-on-month, seasonally adjusted), continuing the contractionary trend which had started in March,” a report by HSBC Securities and Capital Markets pointed out.

Non-oil exports have declined in every month of the current financial year (FY18), falling by 2.67 per cent in April, 1.10 per cent in May, 2.67 per cent in June and 6.47 per cent in July.

Month-on-month calculations run the risk of not taking into