Exports grow in June, but at a slower 4.39%

Evrard Martin
Juillet 15, 2017

However, exporters are concerned about the slackening pace of growth and a drop in exports across major sectors such as pharmaceuticals, leather and gems & jewellery. The currency impact in terms of stronger rupee hurting the exports is clearly visible in the form of shipments showing a negative growth, measured in Indian rupees, he said. However, the deficit narrowed from a 30-month high of $13.8 billion in May.

During the first two months (April-May) of the current fiscal, the total receipts from services exports stood at United States dollars 26.37 billion.

Imports, too, rose 19 per cent over last year to $36.5 billion as inbound gold shipments doubled from last year to $2.4 billion.

India's trade gap continued to widen in June as higher gold and oil imports overshadowed the tenth straight month of export growth. Prices of the benchmark Brent crude oil declined 3.2 per cent in June compared to past year.

A rise in import shot up the country's trade deficit to United States dollars 12.96 billion in the month under review from USD 8.11 billion in June 2016, the data released by the Commerce Ministry showed.

Further, the ministry disclosed the services exports data provided by the Reserve Bank of India (RBI) for May 2017 was estimated at $13.43 billion.

"Taking merchandise and services together, overall trade deficit for April-June 2017-18 is estimated at $28.6 billion as compared to $8 billion during April-June 2016-17", the statement added.

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