India’s goods exports posted a sharp increase of 19.21 per cent (year-on-year) to $27.84 billion in August this year, with growth taking place across sectors, including petroleum.
“Export trade during August 2018 was recorded at $27.84 billion, a positive growth of 19.21 per cent. Exports, excluding petroleum, also reported a positive growth of 17.43 per cent,” Commerce & Industry Minister Suresh Prabhu tweeted on Wednesday.
The Commerce Ministry will release the trade data for August 2018 officially, with disaggregated export numbers as well as import data on August 14, according to an official.
Last month, India’s exports had recorded a growth of 14.32 per cent (year-on-year) to $25.77 billion, due mostly to the strong performance of sectors such as petroleum, electronics, engineering goods, gems & jewellery and chemicals.
What was worrying though, was a widening of the trade deficit to a five-year high of $18.02 billion, as the petroleum import bill surged by more than half during the month, compared to imports in the same month last year.