Oil widens trade deficit to $13.7 billion

Drugs engineering goods boost April exports by 5.71% to $25.91 billion

Drugs engineering goods boost April exports by 5.71% to $25.91 billion

"Non-oil imports during April 2018 were estimated at $29.21 billion which was 4.30 per cent lower than non-oil imports of $30.53 billion in April 2017". However, the rate of contraction reduced from 13.22 per cent in March and 27.44 per cent rise in February.

Major commodity groups of import showing high growth in April 2018 over the corresponding month of previous year include petroleum crude and products (41.49 percent), coal, coke and briquettes (20.43 per cent) and transport equipment (33.18 per cent).

The Fieo chief also expressed his concern on the rising trade deficit, primarily on account of swelling of crude imports bill with further northward movement of prices, which may add to inflationary pressures.

According to the data released by the Ministry of Commerce and Industry on Tuesday, engineering goods, organic and inorganic chemicals and drugs and pharmaceuticals showed a high growth rate of export.

Experts have predicted that India's oil bill will continue to expand in the current financial year as external pressures such as the fallout of the Iran deal and a possible cut down in production by oil producers again heat up prices.

Drugs engineering goods boost April exports by 5.71% to $25.91 billion

Although overall imports rose at the slowest pace in 16 months, a surge in oil prices pushed the trade gap wider.

Engineering, chemicals and pharma exports recorded a growth of 17.63 per cent, 38.48 per cent and 13.56 per cent respectively during the month.

Exports had dipped by 0.66 per cent to Dollars 29.11 billion in March, even as foreign shipments increased by 9.78 per cent for the full 2017-18 fiscal. However, the distribution of imports between petroleum and non-petroleum products shifted in April. In March, exports had dipped by 0.66 per cent to $29.11 billion.

Among labour-intensive sectors, ready-made garments export has continued to drop since October, 2017. Exports of petroleum products contracted by around 4 per cent in April. "This is reflected in the unprecedented month on month decline in the apparel exports every month after October 2017", H K L Magu, Chairman, Apparel Export Promotion Council said.

Nokia to take wraps off its X6 smartphone today
The event is set to take place in China and will kick-off at 2:40PM CST (12:10PM IST), and it will be live streamed as well. On the back, the Nokia X6 will come with a vertical dual camera system which is expected to be Zeiss-branded.

Google upgrading Google Drive storage plans to Google One
The new service isn't meant to replace Google Drive; the company will still give 15GB of free storage to each Google account. Brandon Badger, Google's group product manager for Google One, told me the team looked at how people use the storage plan.

Windrush: Sixty-three people may have been wrongly removed
Mr Javid told the committee: "I've asked officials to be absolutely certain and thorough and check over every record and make sure".

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