A worker operates a hydraulic press machine at a workshop manufacturing flanges for automobiles in Mumbai
"Exports have been on a positive trajectory since August 2016 to February 2018 except for a temporary setback in October 2017", commerce and industry ministry said in a statement on Thursday.
Exports in February at $25.8 billion rose 4.5 per cent as compared to the corresponding month of previous year.
In the 11 months to February, trade deficit expanded to $143 billion against $120 billion in the same period a year ago as imports grew faster than exports. The trade gap in September 2017 stood at $8.98 billion.
Meanwhile, major commodity groups showing positive growth on year on year (YoY) basis for export are petroleum products (27.44 per cent), organic and inorganic chemicals (30.41 per cent), drugs and pharmaceuticals (13.92 per cent), rice (21.29 per cent) and electronic goods (29.71 per cent).
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New Delhi is anxious that its exports could be hit in the coming months by Trump's decision to impose tariffs of 25 percent on steel and 10 percent on aluminum. "In contrast, higher commodity prices supported the exports as well as imports of petroleum products and chemicals", said Aditi Nayar, principal economist at ICRA.
Exporters had complained that the imposition of integrated goods and services tax (IGST) and delays in refund of input tax credits were hurting overseas shipments, prompting the GST Council to continue two pre-GST era schemes that allow duty-free sourcing of materials for export production until March 2018.
Oil imports during April-February 2017-18 were valued at $98 billion which was 26.92% higher than $77.21 billion in the corresponding period a year ago.
Federation of Indian Export Organisations said that the exports data are not encouraging as engineering, apparels, gems and Jewellery, cotton textile and carpets are showing negative growth. "We are anxious about gems and jewellery exports as sector is facing huge liquidity issue as banks are tightening their norms", FIEO director general Ajay Sahai said.
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