Exports rise at fastest pace in three months in August 2018

Imports too grew by 25.41 pc in August to $45.24 bn due to costlier crude oil shipments.  In August, the growth rate in overseas shipments touched a three-month high of 19.21 pc. Earlier in May, exports had recorded a growth of 20.18 pc. Trade deficit during the month narrowed to $17.4 bn as against $12.72 bn in the same month last year, according to the data released by the commerce ministry Friday. In July, the trade deficit soared to a near five-year high of $18.02 bn.

Exports of petroleum products, engineering, pharma and gems and jewellery in August rose by 43.25 pc, 31.81 pc, 28.52 pc and 34.76 pc respectively.  

Oil imports in August grew by 51.62 pc to $11.83 bn and non-oil imports were up by 18.17 pc to $33.41 bn.  Gold imports in August jumped by 92.62 pc to $3.64 bn. The continuous fall in the value of domestic currency appears to be helping exports. During April-August this fiscal, the exports recorded a growth of 16.13 pc to $136.09 bn.