Rising for the sixth month in a row, India’s merchandise exports reported a double-digit growth of 17.48 percent to $24490.27 million in February 2017, on the back of a jump in the value of shipments of engineering goods and petroleum products. Also, the trade deficit widened to $8896.30 million in February as against $6573.25 million in February 2016. The trade deficit during the 11-month period stood at $95285.38 million as against $114317.99 million in the same period of last fiscal.
As per the data released by the Commerce Ministry, exports increased by 17.48 percent to $24490.27 million in February 2017, as compared to $20845.73 million in the same month a year ago. In the rupee terms exports was higher by 15.48 percent to Rs 164269.71 crore as compared to Rs 142246.46 crore in February 2016. Cumulative value of exports for the period April-February 2016-17 was $245413.05 million as against $239378.37 million, registering a positive growth of 2.52 percent over the same period last year. In Rupee terms it was up by 5.50 per cent to Rs 1648743.26 crore from Rs 1562819.14 crore.
Non-petroleum and Non Gems & Jewellery exports in February 2017 were valued at $18011.73 million against $14990.68 million in February 2016, an increase of 20.15 percent. Non-petroleum and Non Gems & Jewellery exports during April - February 2016-17 were valued at $179136.99 million as compared to $175352.94 million for the corresponding period in 2016, an increase of 2.16 percent.
Imports during February 2017, increased by 21.76 percent to $33386.57 million as compared to $27418.98 million in February 2016, while in rupee terms it was up by 19.69 percent to Rs 223942.06 crore from Rs 187100.79 crore in February 2016. However, Cumulative value of imports for the period April-February 2016-17 was $340698.43 million as against $353696.36 million, registering a negative growth of 3.67 percent over the same period last year. In rupee terms the cumulative imports was Rs 2289598.48 crore, down by 0.77 percent from Rs 2307259.36 crore in the same period last year.
Oil imports during February, 2017 were valued at $7681.20 million which was 60.02 percent higher than oil imports valued at $4800.20 million in the corresponding month last year. Oil imports during April-February, 2016-17 were valued at $76743.86 million which was 1.76 percent lower than the oil imports of $78121.86 million in the corresponding period last year.
Non-oil imports during February, 2017 were estimated at $25705.37 million which was 13.65 percent higher than non-oil imports of $22618.78 million in the same month last year. Non-oil imports during April-February 2016-17 were valued at $263954.57 million which was 4.22 percent lower than the level of such imports valued at $275574.50 million in April-February, 2015-16.