India's exports up for 6th straight month, post double digit growth in February

New Delhi: India's exports exhibited a double digit growth of 17.48 percent, valued at USD 24.5 billion in February compared to USD 20.84 billion during the same month last year on increase in shipments of non-petroleum, non gems and jewellery products.

The growth in shipments came despite the growing protectionist and anti-trade sentiment in the US and Europe, which exporters said pose "major challenges" for the sector in the near future.

Imports widened to USD 33.38 billion in February, up 21.76 percent from the same month last fiscal.

Higher imports took the trade deficit to USD 8.88 billion as against USD 9.84 billion in January. The trade deficit or difference between imports and exports for April-February months is, however improved to USD 95.28 billion in comparison to USD 114.31 billion recorded in the similar period last fiscal.

 

As per the data released by the commerce ministry on Wednesday, exports for April-February of the current fiscal totalled USD 245.41 billion, up 2.52 percent over the year-ago shipments.

However, cumulative value of imports for the period April-February 2016-17 was USD 340.69 billion as against USD 353.69 billion, registering a negative growth of 3.67 percent.

Gold imports jumped to USD 3.48 billion in February from USD 1.4 billion in the same month last year.