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Saturday, 16 September 2017

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Export growth hits 10% in August despite GST jitters

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After single-digit growth in the previous three months, exports rose 10.29 per cent in August, up from 3.94 per cent in July, despite exporters’ woes over the goods and services tax (GST). 

Rising global petroleum prices may have increased worries of retail customers, but it helped oil exports rise 36.4 per cent for August. Besides, engineering goods rose 19.53 per cent in the month, pushing up the overall outbound shipment that grew for the 12 straight months after contracting for more than a year. 

Import growth also accelerated in August to $35.46 billion, up 21 per cent as compared to the 15.42 per cent rise in July. This pushed up the trade deficit in August to $11.64 billion from $7.7 billion in August 2016. This may push up current account deficit further.  

According to the commerce department, India exported $23.81 billion worth of goods in August against $21.59 billion in the same month last year.

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