India's exports rise by 8 pc in May'17 Back to News & Events List

India's exports rose by 8.32 percent during May 2017, official data showed on Thursday.
Exports grew by 8.32 percent to $24.01 billion from $22.17 billion worth of merchandise shipped out during May 2016, according to the data released by the Ministry of Commerce and Industry.
Exports have been exhibiting positive growth for the last eight months. In continuation with growth indicated by exports since September 2016, exports during May 2017 have shown growth of 8.32 percent in dollar terms, the ministry said in a statement.
Non-petroleum and non-gems and jewellery exports in May 2017 were valued at $17,514.36 million against $16,404.31 million in May 2016, an increase of 6.77 percent.
However, the country's imports during the month under review also increased by 33.09 percent to $37.85 billion. India's oil imports during last month increased by 29.54 percent to $7.69 billion.
The global Brent prices ($/bbl) have increased by 7.94 percent in May 2017 vis-à-vis May 2016 as per World Bank commodity price data, the statement said.
The data revealed that non-oil imports were up by 34.03 percent, to $30.16 billion from $22.50 billion in the corresponding month of last year.
Consequently, the trade deficit during the month under review rose higher by 120.73 percent to $13.84 billion from $6.27 billion reported for May 2016.
Further, the ministry disclosed the services exports data provided by the Reserve Bank of India (RBI) for April 2017 was estimated at $5.68 billion.
The ministry said that cumulative trade balance, including merchandise and services sectors, has improved.
Taking merchandise and services together, overall trade deficit for April-May 2017-18 is estimated at $21,408.91 million as compared with $5,392.77 million during April-May 2016-17, the statement added.

Original Source:

Recent News


Foreign Trade Policy review last year stressed on phasing out export sops

Long before the US lashed out at India for exceeding the time period for giving subsidies to its exporters, the government had taken cognisance of the fact that the existing e...


Cabinet gives nod to MoU between India & Iran for cooperation in agri

The Cabinet chaired by prime minister Narendra Modi has given its ex-post-facto approval to the Memorandum of Understanding (MoU) between India and Iran for cooperation in the...


International Food & Hospitality Fair, Aahar To Take Place In Delhi This March

Delhi is all set to host the 33rd chapter of Asia’s best-known fair dedicated to the food, beverage and hospitality industries, Aahar. Organized by the India Trade Promo...


India ready for business, a free destination for Enterprises: PM Modi at India Korea Business Summit

Eyeing at attracting investments, Prime Minister Narendra Modi in his speech at India Korea Business Summit 2018 said that the country is ready for business and is now transfo...