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India’s exports rise over 17%, first double digit growth in two years

India’s exports rise over 17%, first double digit growth in two years
The Ministry further added that exports were valued at Rs 1,64,269.71 crore as compared to Rs 1,42,246.46 crore during the corresponding period of the previous year. Image Source: Pixabay
Written By: ZeeBiz WebTeam
Updated: Wed, Mar 15, 2017
07:31 pm
Mumbai, ZeeBiz WebDesk
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Ministry of Commerce and Industry on Wednesday put out India’s foreign trade numbers wherein the country’s exports had grown in double digits for the first time since 2014, as analyst Firat Unlu from The Economist Intelligence Unit pointed out.

“In continuation with the revival exhibited by exports since September 2016, exports during February 2017 for the first time exhibited a double digit positive growth of 17.48% in dollar terms valued at $ 24490.27 million as compared to $ 20845.73 million during February 2016,” the Ministry said.

The Ministry further added that exports were valued at Rs 1,64,269.71 crore as compared to Rs 1,42,246.46 crore during the corresponding period of the previous year.

Imports on the other hand were valued at $ 33,386.57 million (Rs 2,23,942.06 crore) which the Ministry said was 21.76% higher in dollar terms and 19.69% higher in rupee terms over the same period last year.

“Oil imports during February, 2017 were valued at $ 7681.20 million which was 60.02% higher than oil imports valued at $ 4800.20 million in February 2016,” the Ministry added. 

The data revealed by the Ministry showed that India’s trade balance was $ -6,573.25 million in 2015-16 and $ -8,896.30 million in 2016-17.

“Overall the trade balance has improved. Taking merchandise and services together, overall trade deficit for April- February 2016-17 is estimated at US$ 41808.38 million which is 24.0 percent lower in Dollar terms than the level of US$ 55028.99 million during April-February 2015-16,” the Ministry added.