Exports log 6-month high growth of 25.6%
13 Oct 2017 5:05 PM GMT
New Delhi: India's export soared by 25.67 per cent to $28.61 billion in September, logging its highest growth in last six months on the back of expansion in shipments of chemicals, petroleum and engineering products, official data released on Friday said.
This is the highest export growth rate since March 2017 when shipments grew by 27.5 per cent.
Import too rose by 18.09 per cent to $37.6 billion in September from $31.83 billion in the year-ago month, according to the data released by the commerce ministry. Trade balance stood almost flat at $8.98 billion in September 2017 against $9 billion in September 2016.
Commerce minister Suresh Prabhu in a tweet said, "India s growth story is back! Exports grow by 25.6% in September 2017 as compared to September 2016."
During September 2017, all the top ten commodity groups of export exhibited positive growth over September 2016 comprising 82.14 per cent share in total exports, he tweeted further.
The trade data showed a decline of 5 per cent in gold import at $1.71 billion in September 2017. Oil and non-oil imports grew by 18.47 per cent and 17.98 per cent to $8.18 billion and $29.4 billion, respectively in the month.
Cumulative exports during April-September 2017-18 increased by 11.52 per cent to $147.18 billion, while imports grew by 25.08 per cent to $219.31 billion, leaving a trade deficit of $72.12 billion.
"In continuation with positive growth exhibited by exports for the last thirteen months, exports during September 2017 have shown growth of 25.67 per cent in dollar terms," the commerce ministry said in a statement. Commenting on the data, exporters body FIEO said that the growth rate would further increase in the coming months as the government has addressed their concerns related with the Goods and Services Tax (GST).
"Though global uncertainties, rupee volatility and protectionism are still some of the major hurdles to our current growth in exports," Federation of Indian Export Organisations (FIEO) President Ganesh Gupta said in a statement.
He also expressed hope that the country's exports would touch $310 billion by the end of the current fiscal.
In September, petroleum, engineering and chemicals exports grew by 37 per cent, 44.24 per cent and 46 per cent, respectively.
However, sectors which recorded negative growth includes handicrafts, iron ore, and fruit and vegetables.
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