India’s exports rose 4.32 per cent in January to USD 22.11 billion mainly due to increase in shipments of petroleum products, engineering goods and iron ore even as trade deficit widened to USD 9.84 billion. Gold imports slipped by 29.94 per cent to USD 2.04 billion in January from USD 2.91 billion in the same month last year as demand declined following cash crunch post demonetisation. As per the data released by the Commerce Ministry, growth in exports last month was lower than 5.72 per cent recorded in December. Exports totalled USD 220.92 billion for the April-January period of the current fiscal, up about 1 per cent over the year-ago shipments. The data revealed that imports widened to USD 31.95 billion in January, up 10.7 per cent from the same month last fiscal. Higher imports took the trade deficit to USD 9.84 billion as against USD 7.66 billion in January 2016.
The trade deficit or difference between imports and exports for April-January months is, however, improved to USD 86.38 billion in comparison to USD 107.74 billion recorded in the similar period last fiscal. The data revealed that iron ore exports jumped over 10 times to USD 184.43 million in January year-on-year. Export of petroleum products increased from USD 2.08 billion to USD 2.69 billion, a rise of 28.96 per cent. Shipments of engineering goods from India in January rose to USD 5.45 billion, up 11.89 per cent. Non-petroleum exports in January were valued at USD 19.42 billion against USD 19.11 billion year-on-year, an increase of 1.6 per cent. Non-oil imports during January were estimated at USD 23.81 billion.
You may also like to watch:
The Ministry, quoting latest WTO statistics said the growth in exports is positive for USA (2.63 per cent), EU (5.47 per cent) and Japan (13.43 per cent) but China has exhibited negative growth of (-1.51 per cent) for November 2016.
Meanwhile, services exports during December 2016 were valued at USD 13.8 billion registering a positive growth of 3.49 per cent as compared to growth of 1.72 per cent during November 2016.
Imports during December 2016 were valued at USD 8.29 billion registering a negative growth of 0.35 per cent in as compared to positive growth of 8.37 per cent during November.