India’s exports witness 5.17% surge in April

New Delhi: The Centre on Wednesday reported a 5.17 percent increase in exports for the month of April this year, compared to the same month last year.

As per data released by the Ministry of Commerce and Industry, exports during April 2018 were valued at USD 25.91 billion, compared to USD 24.64 billion in April last year, thus registering a positive growth of 5.17 %.

Major commodity groups that showed positive export growth include engineering goods (17.63% ), organic and inorganic chemicals (38.848 %), drugs and pharmaceuticals (13.56 %), cotton yarn/handloom products (15.66 %), and plastic and linoleum (30.03 %).

Non-petroleum and non-gems and jewellery exports in April 2018 were valued 11.73 percent higher at USD 19.80 billion, as against USD 17.72 billion in the corresponding period last year.

Meanwhile, imports during April this year were valued at USD 39.63 billion, which was 4.60 percent higher over the level of imports in April last year, valued at USD 37.88 billion.

The growth in imports was backed by commodities groups such as petroleum, crude, and products (41.49 percent), electrical/non-electrical machinery (9.11% ), coal, coke and briquettes (20.43%), organic and inorganic chemicals (18.36%), and transport equipment (33.18%).

Gold imports dipped by (-) 33.05 %, while that of Silver rose by 36.51%.

On the crude oil and non-oil front, oil imports in April 2018 were valued at USD 10.41 billion, which was 41.49 % higher than that of April last year (USD 7.36 billion), while non-oil imports were estimated at USD 29.21 billion, which was 4.30% lower than non-oil imports of USD 30.53 billion in April last year.

On the services front, exports during March 2018 were valued at USD 16.83 billion, registering a positive growth of 7.16 %, as per the Reserve Bank of India, while imports were valued at USD 10.28 billion, showing positive growth of 1.35%.

The trade deficit for April 2018 was estimated at USD 13.72 billion, as against the deficit of USD 13.25 billion during April last year.

As per the RBI, the trade balance in Services (net export of Services) for March 2018 was estimated at USD 6.55 billion, while overall trade deficit for April-March 2017-18, taking merchandise and services together, was estimated at USD 80.61 billion as compared to USD 41.79 billion in the corresponding period last fiscal.