Exports rose for the first time in 18 months on the back of an uptick in shipments of chemicals, plastics, engineering products and electronics. Exports went up 1.3% to $22.5 billion in June, the first increase since December 2014 as a recovery in commodity prices resulted into a more rapid rise in non oil shipments from the country. Among the major items in the export basket, textiles and gems & jewellery were part of those which were still witnessing a decline.
The other good news was a contraction in trade deficit to a little over $8 billion in June from nearly $11 billion a year ago due to a 7% fall in imports.
The import decline was led by a 38.5% fall in gold shipments along with a lower value of crude oil and coal consignments.
While global trade expansion had slowed down due to a fall in metal and petroleum prices, Indian exports had decreased at a faster pace in 2015 but trend of an improvement has been visible for the past few months.
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