India's exports touch three-month high of 19.21% in August; trade deficit narrows to $17.4 bn

Exports touch three-month high of 19.21% in August 2018

India’s exports registered a healthy 19.21% growth in August 2018 (Year-on-year). The exports grew at the fastest pace in three months to reach $ 27.84 billion in this month.

The exports rose mainly on account of healthy growth in petroleum products, engineering, pharma, and gems and jewellery shipments.

Even the imports rose by 25.41% in August to $ 45.24 billion and the hike was mainly due to costlier crude oil shipments.

In August, the growth rate in overseas shipments touched a three-month high of 19.21 per cent. Earlier in May, exports had recorded a growth of 20.18 per cent.

Trade deficit during the month narrowed to USD 17.4 billion as against USD 12.72 billion in the same month last year, according to the data released by the commerce ministry Friday. In July, the trade deficit soared to a near five-year high of USD 18.02 billion.

Exports of petroleum products, engineering, pharma and gems and jewellery in August rose by 43.25 per cent, 31.81 per cent, 28.52 per cent and 34.76 per cent respectively.

Oil imports in August grew by 51.62 per cent to USD 11.83 billion and non-oil imports were up by 18.17 per cent to USD 33.41 billion.

Gold imports in August jumped by 92.62 per cent to USD 3.64 billion. The continuous fall in the value of domestic currency appears to be helping exports.

During April-August this fiscal, the exports recorded a growth of 16.13 per cent to USD 136.09 billion, while imports during the first five months of this fiscal grew by 17.34 per cent to USD 216.43 billion.