India’s exports increased 4.5 per cent in February, the lowest expansion in the last four months, to $25.8 billion as shipments of engineering, textiles and gems and jewellery declined while trade deficit narrowed to a five-month low of $12 billion.
The trade deficit — the difference between imports and exports — stood at $9.52 billion in February 2017, medium quoted the data released by the commerce ministry as pointing out.
Exports growth rate has been steadily declining since November 2017 when it touched a high of 30.5 per cent. The trade gap in September 2017 stood at $8.98 billion, reported PTI.
“Exports have been on a positive trajectory since August 2016 to February 2018 except for a temporary setback in October 2017,” the ministry said.
The country’s merchandise exports are showing continuous positive growth, said Commerce Secretary Rita Teaotia.
Imports too rose by 10.4 per cent to $37.8 billion during the last month.
Cumulative value of exports for April-February 2017-18 period grew by 11 per cent to $273.7 billion, while imports grew by 21 per cent to $416.87 billion. The trade deficit was $143.13 billion.
Commerce Minister Suresh Prabhu in a series of tweets reportedly said, “Exports data continue with their upsurge! Merchandise exports during February have exhibited positive growth of 4.48 per cent in dollar terms”.
Oil imports during February rose by 32 per cent to $10.19 billion, while non-oil import increased by 4.11 per cent to $27.61 billion, media reports said.
Oil imports during April-February 2017-18 were valued at $98 billion which was 26.92 per cent higher than $77.21 billion in the corresponding period last year, they added.
Exports of chemicals and petroleum products grew by 30.41 per cent and 27.44 per cent respectively in February. However, engineering goods shipments dipped by 1.88 per cent, the PTI report highlighted.
Gold imports declined by 17 per cent to $2.89 billion in February as against $3.48 billion in the same month last year.
Federation of Indian Export Organisations reportedly said that the exports data are not encouraging as engineering, apparels, gems and Jewellery, cotton textile and carpets are showing negative growth.
“Leaving petroleum exports , the overall growth comes to 1 per cent in February. We are worried about gems and jewellery exports as sector is facing huge liquidity issue as banks are tightening their norms,” PTI quoted FIEO Director General Ajay Sahai as saying.
