Indian exports soar by 17.48% to USD 24.5bn
Q. Indian exports soared by 17% in Feb 2017, led by _______.- Published on 16 Mar 17
a. Petroleum, engineering and chemicals
b. Manufacturing, services and IT
c. All of the above
d. Neither of the above
ANSWER: Petroleum, engineering and chemicals
Noting positive growth for 6 months in a row, Indian exports soared 17.48 percent to USD 24.5 billion in Feb 2017 led by petroleum, engineering and chemicals.
But trade deficit also widened to USD 8.89 bn as imports grew.
Exports during Feb 2017 showed a double digit positive growth for the first time.
Imports were up 21.76% to USD 33.38b leaving a trade deficit of USD 8.89b as against USD 6.57 bn in Feb 2016.
During the April-Feb period of the current fiscal, exports have expanded by 2.52 percent to USD 245.4 bn.
Imports dipped 3.67 percent to USD 340.7 bn.
Trade deficit during the 11 month period stood at USD 95.28 bn as against USD 114.3 bn in the same period of the previous fiscal.
Oil imports rose by 60% to USD 7.68bn in Feb. Non-oil imports rose by 13.65% to USD 25.7 bn.
Gold imports too jumped manifold to USD 3.48 bn in February as against USD 1.4 bn in the same month last fiscal.Trade Deficit: Know More
- Trade deficit is an economic measure of a negative balance of trade.
- In this, a country's imports exceeds its exports.
- A trade deficit represents an outflow of domestic currency to foreign markets.