India's Exports Rise By 19.21% In August, Trade Deficit At $17.4 Billion

| September 14 , 2018 , 20:07 IST

India's merchandise exports grew by 19.21% in August to $27.84 billion from $23.36 billion on basis of healthy performance by sectors such as petroleum during the corresponding month of last year on Friday.

According to reports in media, the data released by the Ministry of Commerce and Industry, engineering goods, petroleum products, gems and jewellery, organic and inorganic chemicals and drugs and pharmaceuticals showed a high export growth during the month under review.

Commerce and Industry Minister Suresh Prabhu took to his twitter account and wrote "Export trade during August 2018 recorded at $27.84 billion, a positive growth of 19.21%. Exports excluding Petroleum also reported a positive growth of 17.43%".  

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It is learnt that merchandise imports too rose by 25.41% in August to $45.24 billion due to the rising crude oil prices, leaving a trade deficit of $17.4 billion. In July, trade deficit soared to a nearly five-year high of $18.02 billion.

During April-August this fiscal, the exports recorded a growth of 16.13% while the imports during the first five months of this fiscal grew by 17.34%.

The Ministry of Commerce and Industry in a statement said "Cumulative value of exports for the period April-August 2018-19 was $136.09 billion as against $117.19 billion during the period April-August 2017-18, registering a positive growth of 16.13 per cent in dollar terms."