Monday, 11 November, 2019

India's February Trade Deficit Narrows to $12 Billion

India's exports grow 4.5% in February trade deficit $12 billion India's February Trade Deficit Narrows to $12 Billion
Shannon Reynolds | 16 March, 2018, 02:25

India's crude oil import bill during February 2018 stood at $10,194.33 million, 32.05 per cent higher than the import bill of February 2017 on the back of a recovery in crude prices.

India's trade deficit narrowed to a five-month low of $12 billion in February after widening to a 56-month high a month ago.

Exports in February at $25.8 billion rose 4.5 percent as compared to the corresponding month of past year.

Cumulative value of exports for the period April-February 2017-18 was $273.7 billion against $246.5 billion, registering a growth of 11.02per cent. Export sectors, which are recording healthy growth so far, include chemicals, engineering goods, and petroleum products. The trade deficit was $143.13 billion.

The major commodity groups of export showing positive growth year-on-year are petroleum products (27.44%), organic & inorganic chemicals (30.41%), drugs & pharmaceuticals (13.92%), rice (21.29%) and electronic goods (29.71%).

Commerce minister Suresh Prabhu in a series of tweets said, "Exports data continue with their upsurge!"

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Oil imports during February were valued at $10.2 billion, which was 32.05 percent higher than the $ 7.7 billion worth of crude imported in the same month a year ago.

Prabhu said that services exports also continued to grow with total exports in January valued at United States dollars 16.33 billion registering a growth of 2.07 per cent. Imports during the month were valued at USD 9.847 billion, registering a negative growth of 0.12 per cent Federation of Indian Export Organisations said that the exports data are not encouraging as engineering, apparels, gems and Jewellery, cotton textile and carpets are showing negative growth.

Aditi Nayar, principal economist at Icra Ltd, said the substantial cooling of the merchandise trade deficit in February comes as a relief after the spike in the previous month.

"Export growth was dampened by contraction in textiles, iron ore, engineering goods and gems & jewellery".

This is published unedited from the PTI feed.

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