India’s exports rise to 10.29 per cent in August

 

On account of rise in shipments of chemicals, petroleum and engineering products, India’s exports have recorded a double digit growth of 10.29 per cent to $23.81 billion during August this year.  According to the data released by the commerce ministry, India exported goods worth 23.81 billion US dollars in August this year against 21.59 billion dollars in the same period last year. Exports grew 8 percent in May and 4.39 percent in June this year. Imports also rose by 21.02 per cent to 35.46 billion dollars in August from 29.3 billion dollars in the corresponding period last year. However, trade deficit widened to 11.64 billion dollars in the month under review from 7.7 billion dollars in August 2016, due to increase in gold imports that rose by about 69 per cent to 1.88 billion dollars last month. Rise in imports in August 2017 has been significant for a number of sectors including petroleum products, gold, electronic goods, iron & steel, other metals, coal & coke, pearls and other precious stones and machinery.