India’s merchandise exports rose by 19.21 per cent in August to $27.84 billion from $23.36 billion during the corresponding month of last year, official data showed on Friday.
According to data released by the Ministry of Commerce and Industry, engineering goods, petroleum products, gems and jewellery, organic and inorganic chemicals and drugs and pharmaceuticals showed a high export growth during the month under review.
“Cumulative value of exports for the period April-August 2018-19 was $136.09 billion as against $117.19 billion during the period April-August 2017-18, registering a positive growth of 16.13 per cent in dollar terms,” the ministry said in its review statement.
Lower food prices ease India’s WPI to 4.53% in August
A massive fall in food prices and cost of primary articles eased India’s annual inflation rate based on wholesale prices to 4.53 per cent in August from a 5.09 per cent rise in July.
However, on a year-on-year (YoY) basis, the Wholesale Price Index (WPI) furnished by the Ministry of Commerce and Industry on Friday was still higher than 3.24 per cent reported for te corresponding period of 2017.
“Build up inflation rate in the financial year so far was 3.18 per cent compared to a build up rate of 1.41 per cent in the corresponding period of the previous year,” the Ministry statement said here.
On a sequential basis, the expenses on primary articles, which constitute 22.62 per cent of the WPI’s total weightage, slipped by (-) 0.15 per cent, from an increase of 1.73 per cent in July.
Similarly, the prices of food articles dipped. The category has a weightage of 15.26 per cent in the WPI index. It deflated by (-) 4.04 per cent from a rise of (-) 2.16 per cent.
Interestingly, the cost of fuel and power category, which commands a 13.15 per cent weightage, increased at a slower pace of 17.73 per cent from a growth of 18.10 per cent.
However, expenses on manufactured products registered a rise of 4.43 per cent from 4.26 per cent.