Ministry of Commerce & Industry stated that the growth of India’s export is far better compared to past 11 months.
In August, exports increased to $23.81 billion while it was $22.5 billion in July & average of $21.59 billion during corresponding month of last year. This data has been released by Ministry of Commerce & Industry.
“In continuation of the positive growth exhibited by exports for the last twelve months, exports during August 2017 have shown growth of 10.29 percent in dollar terms valued at $23,818.83 million as compared to $21,597.09 million during August 2016,” the ministry said in a statement.
When we further expand the data, major commodity groups shown good rise in exports which includes engineering goods (19.53%), petroleum products (36.56%), organic and inorganic chemicals (32.41%), drugs and pharmaceuticals (4.21%) and RMG of all textiles (0.56%).
But, not just up-arrow candlestick, there are some bearish things too. India’s import has drastically increased 21.02% to $35.46 billion from $29.30 billion.
Import data includes petroleum, crude (14.22%), electric goods (27.44%), machinery, electrical and non-electrical (18.35%), gold (68.9%) and pearls, precious and semi-precious stones (30.88%).
If we go to global Brent prices i.e. $/bbl, it is increased by 11.34% in August 2017 compared to August 2016, stated by World Bank commodity price data.
Similarly, non-oil imports during August 2017 were estimated at $27.70 billion which was 23.07 percent higher from $22.51 billion shipped in during the corresponding month of 2016.