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India’s June exports up over 17%, trade deficit soars to $16.6 bn

Author: IANS/Saturday, July 14, 2018/Categories: Economy

India’s June exports up over 17%, trade deficit soars to $16.6 bn

New Delhi - Indian exports in June at $27.7 billion rose by 17.57% over the same month in 2017. But with higher crude prices increasing oil import costs by more than half over the last year, the country's trade deficit soared to $16.60 billion, official data showed on Friday.

As per the Commerce Ministry data, India's merchandise exports in June last year were worth $23.56 billion.

Petroleum products, organic and inorganic chemicals, engineering goods, and drugs and pharmaceuticals showed a high export growth rate in June over the same period last year, a ministry statement said. 

Petroleum product exports during the month in consideration increased by a whopping 52.53% over June 2017. 

"Non-petroleum and non-gems and jewellery exports during June 2018 were valued at $20.13 billion as compared to $17.48 billion during June 2017, exhibiting a positive growth of 15.13%," it said.

The country's imports during the month under review rose by 21.31% to $41 billion from $36.52 billion in the same period in 2017.

Segment-wise, oil imports during June 2018 jumped by 56.61% to $12.73 billion from $8.13 billion imported during June 2017.

The ministry pointed out that UK Brent crude prices have increased by 60.47% in June 2018 vis-à-vis June 2017.

"Non-oil and non-gold imports in June 2018 valued at $29.19 billion has recorded a positive growth of 12.53% as compared to non-oil and non-gold import in June 2017," the statement said.

Gold imports in June fell by around 3% to $2.38 billion.

India's merchandise trade deficit widened to $16.60 billion during last month as against $12.96 billion in the corresponding period the previous year.

According to Reserve Bank of India data released on Friday, the trade balance in services for May 2018 was estimated at $5.97 billion. The central bank's data on services exports comes out with a lag of around 45 days.

"Taking merchandise and services together, the overall trade deficit for April-June 2018-19 is estimated at $32.32 billion as compared to $28.55 billion during April-June 2017-18," the statement said.

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