Exports Record High in Last Financial year, Up 11 Percent in March

During the financial year 2018-19, the country's record reached a record high. Due to high growth in sectors such as pharma, chemical, and engineering, exports have increased by 9 percent to $ 331 billion. This is the highest export figure in any financial year.
Exports Record High in Last Financial year, Up 11 Percent in March

Good growth has been registered in the country. Exports grew 11 percent to $ 32.55 billion in March. This is the biggest monthly increase in exports since October 2018. Exports in October increased by 17.86 percent. Due to high growth in sectors such as pharma, chemicals, and engineering, the total exports increased. During the entire financial year 2018-19, exports increased nine percent to $ 331 billion. This is the highest export figure in any financial year.

According to the news agency PTI, the export figure in March 2018 was $ 29.32 billion. Imports also increased by 1.44 percent to $ 43.44 billion in March. However, during this time the trade deficit decreased to $ 10.89 billion, which was $ 13.51 billion in March 2018.

Gold imports up 31.22 percent to $ 3.27 billion in March Crude oil imports increased by 5.55 percent to $ 11.75 billion. Imports increased by 8.99 percent to $ 507.44 billion in the entire financial year 2018-19. During the fiscal year, the trade deficit increased to $ 176.42 billion, which was $ 162 billion in 2017-18.

The Commerce Ministry said in the statement that there has been an almost equal increase in exports during the last three financial years. The export figure is estimated to be $ 331.02 billion in the financial year 2018-19. This is the highest export figure in any financial year. Earlier, exports in 2013-14 were $ 314.4 billion. The sectors which saw a significant increase during the financial year include petroleum 28 percent, plastic 25.6 percent, plastic 25.6 percent, chemicals 22 percent, pharmaceuticals 11 percent and engineering 6.36 percent.

According to the data, crude oil imports increased by 29.27 percent to $ 140.47 billion in April-March, 2018-19. At the same time, non-oil imports increased by 2.82 percent to $ 366.97 billion. Mohit Singhla, chairman of Indian Trade Promotion Council (TPCI), said that despite the global challenges, the performance of exports has been the best ever so far. He said that we should focus on new products like food commodity, which can lead to more sustainable growth.

Ganesh Kumar Gupta, president of Fieo, a leading organization of exporters, said that despite increased protectionism, difficult global conditions and bottlenecks on the domestic front, exports increased. Gupta said that exporters need to provide immediate tax relief to the flow of credit, research and development, to give full support to GST, benefits on sale to foreign tourists, and immediate support.

The Ministry said that the total exports (together with goods and services) from 2016-17 are increasingly growing. It crossed the $ 500 billion mark for the first time in 2018-19. The total exports of goods and services are estimated to be $ 535.4 billion, with an increase of 7.97 percent in 2018-19. However, according to the figures, service exports in February 2019 dropped 6.54 percent to $ 16.58 billion. During the period, imports of services also declined by 11 percent to $ 9.81 billion.

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