Business & Economy

India's exports soar by 30.55% to $ 26.196 billion in November, 2017

NetIndian News Network

New Delhi, December 15, 2017

Bouncing back into positive territory, India's merchandise exports soared by a huge 30.55 percent to $ 26.196 billion in November, 2017 as compared to $ 20.066 billion during the same month of 2016. 
In rupee terms, the exports were valued at Rs. 169912.50 crore as compared to Rs. 135699.47 crore during November, 2016, up 25.21%, an official statement said here today.
The country's exports had declined by 1.12% in October 2017, reversing a 13-month uptrend.
The statement said that the major commodity groups of export which showed high growth over the corresponding month of last year were Engineering Goods (43.76%), Petroleum Products (47.68%), Gems & Jewellery (32.69%), Organic & Inorganic Chemicals (54.28%), and Drugs & Pharmaceuticals (13.39%).
The cumulative value of exports for the period April-November 2017-18 was $ 196.482 billion (Rs 1267771.18 crore) as against $ 175.410 billion (Rs 1174997.07crore) registering a growth of 12.01% in dollar terms and 7.90% in rupee terms over the same period last year.
Non-petroleum and non-gems and jewellery exports in November 2017 were valued at $ 19.247 billion as against $ 15.104 billion in November 2016, an increase of 27.43%. Non-petroleum and non-gems and jewellery exports during April -November 2017-18 were valued at $ 143.528 billion as compared to $ 126.660 billion for the corresponding period in 2016-17, an increase of 13.32%.
The statement said imports during November 2017 were valued at $ 40.025 billion (Rs 259612.29 crore) which was 19.61% higher in dollar terms and 14.73% higher in rupee terms over the level of imports valued at $ 33.462 billion (Rs. 226288.21 crore) in November 2016. The cumulative value of imports for the period April-November 2017-18 was $ 296.459 billion (Rs. 1913047.30 crore) as against $ 243.297 billion (Rs. 1630199.71 crore) registering a growth of 21.85% in dollar terms and 17.35% in rupee terms over the same period last year.
Major commodity groups of import which showed high growth in November 2017 over the corresponding month of last year are Petroleum, Crude & products (39.14%), Electronic goods (24.97%), Pearls, precious & Semi-precious stones (85.80%), Machinery, electrical & non-electrical (23.24%) and Coal, Coke & Briquettes, etc. (51.80%).
Oil imports during November 2017 were valued at $ 9.551 billion which was 39.14% higher than oil imports valued at $ 6.864 billion in November 2016. Oil imports during April-November 2017-18 were valued at $ 65.803 billion which was 22.65% higher than the oil imports of $ 53.652 billion in the corresponding period last year.
The statement pointed out that the global Brent prices ($/bbl) had increased by 34.73% in November 2017 vis-à-vis November 2016.
Non-oil imports during November 2017 were estimated at $ 30.474 billion which was 14.57% higher than non-oil imports of $ 26.597 billion in November 2016. Non-oil imports during April-November 2017-18 were valued at $ 230.656 billion which was 21.63% higher than the level of such imports valued at $ 189.644 billion in April-November 2016-17.
As far as services were concerned, exports during October 2017, the latest month for which data was available, were valued at $ 14.152 billion (Rs. 92103.06 crore), a growth of 3.06% in dollar terms as compared to growth of 0.23% during September 2017.
Imports of services during October 2017 were valued at $ 8.700 billion (Rs. 56620.73 crore) registering a growth of 2.96% in dollar terms as compared to a decline of 2.40% during September 2017.
In the case of merchandise, the trade deficit for November 2017 was estimated at $ 13.829 billion as against the deficit of $ 13.395 billion during November 2016.
In the case of services, the trade balance for October 2017 was estimated at $ 5.452 million.
Taking merchandise and services together, overall trade deficit for April-November 2017-18 is estimated at $ 60.928 billion as compared to $ 30.095 billion during April-November 2016-17, the statement added.
NNN
NetIndian
www.netindian.in