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.

Institutional investors now have $20.21 billion stake in Western Digital Corporation (WDC)
Referred to as "market cap", it is determined by doubling a company's shares outstanding by the current market price of one share. Point72 Asia Hong Kong Ltd bought a new stake in shares of Western Digital during the first quarter valued at about $263,000.

WWE is already giving Ronda Rousey a title shot
There have been four Raw shows since WrestleMania and there hasn't been any sign that the WWE was going in that direction. A defeat would mean that she would lose her title in just over a period of two months after winning it.

Men's Golf in Third Place at NCAA Bryan Regional
Fishburn, who is ranked No. 37 nationally, finished the first round strong, birdying the final two holes to end the day at -1. Tomorrow will determine the top five finishers that will advance to the NCAA Finals in Stillwater Oklahoma, from May 25-30th.

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