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Exports of goods in 2018-19 registered a 9.06 per cent growth to hit a new high of $331 billion, breaching the previous high of $314 billion clocked in 2013-14.
Exports of goods in March was 11 per cent higher at $32.55 billion (the highest monthly performance) on the back of significant contributions from sectors such as engineering goods, chemicals, pharmaceuticals and petroleum products, according to an official statement.
“Owing to a good catch-up in March, India’s exports have crossed $331 billion in 2018-19 with engineering exports registering an all-time monthly figure of $9.4 billion and annual $83 billion. However, 2019-20 appears to be a challenging one. The global economy and trade seem to be coming under pressure with issues like protectionism refusing to go,” Ravi Sehgal, Chairman, EEPC India. Imports in 2018-19 grew 8.99 per cent to $507 billion, but growth in March was 1.44- per cent lower at $43.44 billion with a fall in imports of machinery, transport equipment, electronic goods and coal and coke.
Also read:India’s economy needs to grow even faster : RBI Governor
Trade deficit in 2018-19 increased to $176.42 billion, compared to $162.05 billion in the previous year, but deficit in March shrunk to $10.89 billion compared to $13.51 billion in March last year.
The healthy growth in exports came at a time when the World Trade Organization cut global trade forecast to 2.6 per cent for 2019, from 3 per cent in 2018, pointed out Ganesh Gupta, President, FIEO, adding that it was due to the hard work put in by the exporting community.
FIEO reiterated its demand for “urgent and immediate’’ support, including augmenting the flow of credit, higher tax deduction for R&D, outright exemption from GST, online ITC refund, interest equalisation support to farm exports, benefits on sales to foreign tourists and exemption from IGST under Advance Authorisation Scheme with retrospective effect.
India’s exports had taken a hit in 2014-15 due to poor global demand and rising protectionism in buying countries with exports falling sharply for two consecutive years and then recovering slowly.
Oil imports in March 2019 at $11.75 billion were 5.55 per cent higher than the same month last year. Oil imports in April-March 2018-19 were at $140.47 billion, 29 per cent higher than in same period the previous fiscal.
Import of gold in March was 40 per cent higher at $22.74 billion, compared to the same month last year.
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