India’s exports grow 1.27% in June after falling for 18 months

Merchandise exports from the country rose 1.27 per cent in June, recording the first positive growth after 18 months of negative show, spurred by increasing commodity shipments, data released by the commerce ministry showed.

India's merchandise trade deficit for the first quarter of the current fiscal (April-June 2016-17) also narrowed to an estimated $19.23 billion, from a deficit of $32.23 billion during April-June 2015-16.

Exports from the country during June 2016 were valued at $22.57 billion (Rs151,904.56 crore) which was 1.27 per cent higher in dollar terms and 6.72 per cent higher in rupee terms compared to exports worth $22.29 billion (Rs142,341.88 crore) during June 2015.

Cumulative value of exports for the April-June 2016-17 quarter stood at $65.31 billion (Rs436,960.98 crore) against $66.69 billion (Rs423,315.24 crore) in the year ago quarter registering a negative growth of 2.07 per cent in dollar terms and positive growth of 3.22 per cent in rupee terms over the comparable period of the previous fiscal.

Non-oil exports recorded a positive growth of 3.06 per cent in June 2016, higher than the 1.01 per cent growth achieved in May 2016. During June 2016 Non-petroleum exports were valued at $20 billion against $19.40 billion in June 2015, an increase of 3.06 per cent.

Non-oil exports during April-June 2016-17 are valued at $58.71 billion compared to $58.62 billion for the corresponding period in 2015, an increase of 0.14 per cent.

Imports during June 2016 were valued at $30.69 billion (Rs206,524.39 crore), which was 7.33 per cent lower in dollar terms and 2.35 per cent lower in rupee terms compared to imports valued at $33.12 billion (Rs211,484.61 crore) in June 2015.

Cumulative value of imports for the period April-June 2016-17 stood at $84.55 billion (Rs565,754.29 crore) against $98.92 billion (Rs627,830.30 crore)  in the year-ago quarter, registering a negative growth of 14.53 per cent in dollar terms and 9.89 per cent fall in rupee terms over the same period last year.

Oil imports during June 2016 were valued at $7.25 billion, which was 16.42 per cent lower than oil imports valued at $8.68 billion in the corresponding period last year. Oil imports during April-June 2016-17 were valued at $18.85 billion, which was 23.57 per cent lower than oil imports worth $24.66 billion in the corresponding period last year.

Non-oil imports during June 2016 were estimated at $23.44 billion, which was 4.11 per cent lower than non-oil imports worth $24.44 billion in June 2015.

Non-oil imports during April-June 2016-17 were valued at $65.70 billion, which was 11.53 per cent lower than such imports valued at $74.26 billion in April-June 2015-16.

Citing Reserve Bank of India data, the commerce ministry said overall trade balance of the country has improved. Taking merchandise and services together, overall trade deficit for April- June 2016-17 is estimated at $7.97 billion which is 62.01 per cent lower in dollar terms than the level of $20.98 billion during April-June 2015-16.