Noida, Aug 27 (APAC Media): India’s merchandise exports have crossed the $200-billion mark so far this financial year, growing by more than 15 per cent, as shipments of petroleum products, electronics and engineering goods continued to support overall export growth.
According to government estimates, merchandise exports had crossed $200 billion by August 21. Exports during the third week of August alone were valued at over $25 billion, a senior government official said.
The latest figures have strengthened expectations that India could cross the $500-billion mark in merchandise exports during the current financial year.
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Commerce and Industry Minister Piyush Goyal has also set an ambitious target of taking India’s combined goods and services exports to $1 trillion.
Petroleum products have been among the key drivers of export growth, while electronics shipments have benefited from a rise in mobile phone exports. Engineering goods have also recorded strong demand in several overseas markets.
Data from the Engineering Export Promotion Council of India showed that engineering exports rose 18 per cent year-on-year to around $12.2 billion in July. Shipments to several major markets increased during the month, although exports to Saudi Arabia, Thailand and Turkey recorded declines.
India has also seen stronger export flows to China, Southeast Asia and African markets during the April-July period, according to official data.
The depreciation of the rupee against the US dollar has further improved the price competitiveness of Indian exporters in some international markets.
However, higher import costs for crude oil, fertilisers and gold continue to put pressure on the country’s overall trade balance.
Traditional export sectors, including textiles, have also faced challenges.
Despite some moderation in export growth in July, the latest data indicate that India’s merchandise exports have maintained a strong pace in the opening months of the financial year, keeping the government’s $500-billion export target within sight.
TOI Inputs
–ENDS–
Disclaimer:Â This article is for informational purposes only and is based on publicly available information. APAC Media is not responsible for investment decisions or losses. Please conduct your own research or consult a financial adviser before investing.
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