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Rediff.com  » Business » Exports rise at fastest pace in 3 months in August

Exports rise at fastest pace in 3 months in August

September 14, 2018 21:53 IST

Trade deficit during the month narrowed to $17.4 billion as against $12.72 billion in the same month last year

The country's exports rose at the fastest pace in three months to reach $27.84 billion in August on account of healthy growth in petroleum products, engineering, pharma, and gems and jewellery shipments.

 

Imports too grew by 25.41 per cent in August to $45.24 billion 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 $17.4 billion as against $12.72 billion in the same month last year, according to data released by the commerce ministry on Friday.

In July, the trade deficit soared to a near five-year high of $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 $11.83 billion and non-oil imports were up by 18.17 per cent to $33.41 billion.

Gold imports in August jumped by 92.62 per cent to $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 $136.09 billion, while imports during the first five months of this fiscal grew by 17.34 per cent to $216.43 billion.

Trade deficit during the period widened to $80.35 billion as against $67.27 billion in the same period last year.

Oil imports during April-August this fiscal grew by 53.35 per cent to $58.81 billion and non-oil imports were up by 7.84 per cent to $157.62 billion.

The high trade deficit is one of the factors that dragged the rupee to below 70 levels.

The rupee touched an all-time low of 72.91 on September 12.

Today it closed at 71.84 against the dollar.

Photograph: Sivaram V/Reuters

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