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

Author: IANS/Saturday, October 14, 2017/Categories: Economy

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

New Delhi - India's exports grew to $28.61 billion in September this year, from $23.81 billion in August and $22.77 billion during the corresponding month of last year, official data showed.

According to the Ministry of Commerce and Industry, exports during September on year-on-year (YoY) basis exhibited a growth of 25.67% to $28.61 billion from $22.77 billion reported for the corresponding month of last year.

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

"During September, all the top ten commodity groups of export have exhibited positive growth over the corresponding month of last year comprising 82.14% share in total exports.

"These are engineering goods (44.24%), gems and jewellery (7.10%), petroleum products (39.69%), organic and inorganic chemicals (46.06%), ready-made garments of all textiles (29.39%), drugs and pharmaceuticals (14.67%), cotton yarn/fabrics/made-ups, handloom products (15.20%), marine products (32.73%), rice (45.66%) and electronic goods (14.32%)."

However, the country's imports during the month under review also increased by 18.09% to $37.60 billion from $31.84 billion in the corresponding period last year.

"Major commodity group of imports showing high growth in September over the corresponding month of last year are petroleum, crude and products (18.47%), electronic goods (40.90%), pearls, precious and semi-precious stones (56.91%), machinery electrical and non-electrical (16.36%) and coal, coke and briquettes (48%)," the statement said.

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

"The global Brent prices have increased by 19.42% in September 2017 vis-a-vis September, 2016 as per World Bank commodity price data," the statement added.

The non-oil imports during September were estimated at $29.41 billion which was 17.98% higher from $24.93 billion shipped in during the corresponding month of 2016.

Consequently, the trade deficit for April-September widened to $43.81 billion from $16.47 billion reported for April-September 2016-17.

Further, the Ministry disclosed that the services exports data provided by the Reserve Bank of India for August 2017 was estimated at $13.70 billion and the services trade deficit at $5.04 billion.

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