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Exports go up double digit for the first time in recent months

A sharp rise in export of petroleum products, engineering goods, chemicals and marine products has helped the country to reach a double digit growth in overall exports during August this year. The growth registered was 10.29 per cent for the first time in recent months, barring March when it hit a high of 27 per cent.

While the country's exports last month had touched 23.81 billion US dollars, the import growth also accelerated to 35.45 billion US dollars thereby pushing up the trade deficit to 11.64 billion US Dollars. The trade deficit in July this year was 7.7 billion US dollars.

The first set of trade data released after the new commerce minister Suresh Prabhu assumed office revealed the export growth reaching a new height after decelerating for the past four months since March.

The double digit export growth in August has spread across a large number of sectors including tea, coffee, rice, iron ore, ceramic products and carpets has made exporters positive about the future.

A pick up in exports augurs well for the exporters who seem to benefit from the recovery in major global markets including United States and the Continent, a spokesman of the engineering exports promotion council said. The exports could be further enhanced if issues faced by the exporters arising out of the implementation of Goods and Service tax are addressed.

The exporters have been facing a major liquidity crisis since the ministry is not reimbursing the drawback claim refunds. The council sources said only four sectors have contracted among the 30 most important export sectors of the country.

Engineering exports have been increasing at rapid pace at about 20 per cent in August as against 15 per per cent the previous month. The growth is attributed to pick up in base metals.

Apparel exports grew marginally by 0.5 per cent during august as against a decline during the previous three months. Pharmaceutical exports went up 4.21 per cent in August as against a contraction of 5.35 per cent in July.

Gems and jewellery exports declined by nearly thirty per cent. The export in this sector mostly from Gujarat has witnessed contraction during previous three months at around 20 per cent each month.

Gold imports however went up by 95 per cent in August and 68 per cent in July. The gold import mostly from Korea has gone up to 15 billion US Dollars during the first five months of the current financial year as against six billion US dollars during the same period last year.



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