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India’s year-on-year exports up 20 per cent in May, imports rise 15 per cent
India’s exports during May rose by 20.18 per cent to 28.86 billion USD from 24.01 billion USD worth of merchandise shipped out during the corresponding month of last year, official data showed on Friday.
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New Delhi
According to data released by the Ministry of Commerce and Industry on Friday, petroleum products, organic and inorganic chemicals and drugs and pharmaceuticals showed a high export growth rate.
“Non-petroleum and non-gems and jewellery exports during May 2018 were valued at $19.94 billion as compared to $17.51 billion during May 2017 exhibiting a positive growth of 13.85 per cent,” the ministry said in a statement.
As per the data, the country’s imports during the month under review rose by 14.85 per cent to $43.48 billion in May 2018 from $37.86 billion in the like period of 2017. Segment-wise, oil imports during May 2018 jumped by 49.46 per cent to $11.50 billion from $7.69 billion imported during May 2017. The ministry pointed out that global Brent prices ($/bbl) have increased by 50.68 per cent in May 2018 vis-à-vis May 2017.
“Non-oil and non-gold imports in May 2018 valued at $28.50 billion has recorded a positive growth of 13.09 per cent as compared to non-oil and non-gold import in May 2017,” the statement said.
India-US officials likely to meet in June to discuss trade issues: Prabhu
Union Minister of Commerce and Industry Suresh Prabhu on Friday saidthat officials from India and the US are expected to meet soon “most likely within this month” to take forward the dialogue process to resolve trade issues between the two sides.
According to the minister, who holds the charge of the Ministry of Civil Aviation, both sides have decided to resolve their pending issues on trade.
The development comes after the minister visited the US on June 10-12, 2018 and held discussions with the US Trade Representative Robert E Lighthizer, Secretary of Commerce Wilbur L Ross and Secretary of Agriculture Sonny Perdue.
Recently, the US unilaterally imposed import duties on steel and aluminium products and raised concerns over India’s import duties on dairy products among others.
However, the minister said India’s concerns over “Visa” and other issues were also put forth to the US representatives.
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