Economy

Exports rise for 13th straight month, grow 25.67% in September

Exports rise for 13th straight month, grow 25.67% in September”

Major commodity group of imports showing high growth in September 2017 over the corresponding month of previous year were - Petroleum, Crude & products (18.47 %), Electronic goods (40.90 %), Pearls, precious & Semi-precious stones (56.91%), Machinery electrical & non-electrical (16.36%) and Coal, Coke & Briquettes (48.00%). Meanwhile, merchandise imports increased 18.1% to US$ 37.60 billion.

Dissecting the data further, its evident that the trade deficit or gap between exports and imports was a 5 per cent dip in gold imports to $1.7 billion during the month of September.

"In continuation with positive growth exhibited by exports for the last thirteen months, exports during September have shown growth of 25.67 per cent in dollar terms valued at $28,613.41 million as compared to $22,768.35 million during September, 2016", the ministry said in a statement.

Commerce minister Suresh Prabhu in a tweet said, "India's growth story is back!"

"The continued improvements in the pace of growth of merchandise exports suggest that concerns that arose after the transition to the GST, may be receding in some sectors".

This is the highest export growth rate since March when shipments grew by 27.5 per cent. In rupee terms, exports grew by 21.35% year-on-year (YoY) to Rs Rs. 184,387.36 crore this month.

Segment-wise, the data showed that India's oil imports during September increased by 18.47 per cent to $8.19 billion, from $6.91 billion in the same month a year ago.

Outbound shipments of engineering goods grew 44.2 per cent, chemicals (46 per cent), petroleum products (39.7 per cent), pharmaceuticals (14.7 per cent), readymade garments (29.4 per cent) and gems and jewellery (7.1 per cent). "In our view, build-up of substantial stocks over the last few months would ease the volume of gold imports during the festive and wedding season", said Nayar. Further, the exports gained for man-made yarn/fabrics/made-ups etc by 24.8% to US$ 0.47 billion, plastic & linoleum 17.1% to US$ 0.57 billion, electronic goods 14.3% to US$ 0.57 billion and leather & leather products 17.1% to US$ 0.48 billion in September 2017. Iron ore has in recent years been the biggest export, while cotton is another fast-growing export commodity.

The country's trade deficit dropped to a seven-month low of $8.98 billion (over Rs 58,000 crore) in September compared to $11.64 billion last month, according to government data released on Friday.



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