Exports turn positive after 18 months in June

By: |
New Delhi | July 15, 2016 9:28 PM

Snapping 18-month downward spiral, India's exports in June rose 1.27 per cent to USD 22.57 billion.

India's exports in June 2015 stood at USD 22.28 billion. (Reuters)India’s exports in June 2015 stood at USD 22.28 billion. (Reuters)

Snapping 18-month downward spiral, India’s exports in June rose 1.27 per cent to USD 22.57 billion.

Rising exports and decline in imports also brought down the trade deficit in June to USD 8.11 billion as against USD 10.82 billion in the year-ago month.

India’s exports in June 2015 stood at USD 22.28 billion.

Exports have been falling since December 2014 due to weak global demand and slide in oil prices.

As per the data released by the Commerce and Industry Ministry, imports in June were at USD 30.68 billion, down 7.33 per cent from USD 33.11 billion in the year-ago month.

Imports of petroleum, crude and related products were down 16.42 per cent in June while that of coal, coke and briquettes shrunk by about 13 per cent.

In value terms, imports of fertilisers too were down by 22.77 per cent at USD 712.36 million. Gold import was recorded at USD 1.20 billion in June, a decline of 38.54 over the year-ago period.

On the export front, there was increase in exports of organic and inorganic chemicals (14.36 per cent), engineering goods (0.88 per cent), and plastic and linoleum (10.6 per cent).

Cumulative value of merchandise exports for the period April-June 2016-17 was USD 65.31 billion as against USD 66.69 billion, a decline of 2.07 per cent.

Overall imports in the first quarter of the fiscal stood at USD 84.54 billion, down 14.53 per cent year-on-year.

The trade deficit for April-June was estimated at USD 19.23 billion, lower than the deficit of USD 32.225 billion in the corresponding period last fiscal.

In case of services, exports (receipts) during May were valued at USD 13.46 billion, registering a growth of 4.28 per cent, and imports stood at USD 7.92 billion, a growth of 10.29 per cent.

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