India's exports in Jan up 4%; imports rise marginally

New Delhi (IANS) India's merchandise exports grew 3.74 per cent on a year-on-year basis in January, official data showed on Friday.

According to the data released by the Ministry of Commerce and Industry, India's January 2019 exports increased to $26.36 billion from $25.41 billion reported for the corresponding month of 2018.

"Non-petroleum and non-gems and jewellery exports in January 2019 were $19.90 billion, as compared to $18.40 billion in January 2018, exhibiting a positive growth of 8.17 per cent," the Ministry said in its review statement.

"Cumulative value of exports for the period April-January 2018-19 was $271.80 billion as against $248.18 billion during the period April-January 2017-18, registering a positive growth of 9.52 per cent in dollar terms," it said.

As per the data, organic and inorganic chemicals, drugs and pharmaceuticals, gems and jewellery and engineering goods showed high export growth during the month under review.

On the other hand, imports in January inched up by 0.01 per cent to $41.09 billion from $41.08 billion reported for the corresponding month of 2018.

"Oil imports in January 2019 were $11.24 billion, which was 3.59 per cent lower in dollar terms, compared to $11.66 billion in January 2018," the statement said.

"In this connection it is mentioned that the global Brent price ($/bbl) has decreased by 14.09 per cent in January 2019 vis-à-vis January 2018 as per data available from World Bank (Pink Sheet)," it said.