India's exports turn positive after 18 months

Exports had been falling since December 2014 but rose 1.27 percent in June, balancing the weak global demand and slide in oil prices with agricultural commodities, pharmaceuticals and engineering goods.

Data released by the Indian Commerce and Industry ministry revealed that petroleum, crude and related products went down 16.42 percent, while coal, coke and briquettes imports fell 13 percent in June of this year, but the 18 month-long drop in the exports seems to be over, giving Indian exporters ÔÇ£a much needed boost to the confidenceÔÇØ, according to Industry body CII.

"Positive exports by engineering, marine, drugs and pharmaceuticals, plantation commodities, electronic goods, carpets and handicrafts sectors is very encouraging as these are high employment generating sectors as well," said S. C. Ralhan, President of FIEO, an apex exporters body, remaining optimistic despite the challenging global scenario.

The merchandise exports topped 22.57 billion USD, as opposed to the 22.28 billion USD, while the trade deficit went from 8.11 billion USD to 10.82 comparing the same month of the previous year. In the meantime, imports went down 7.33 percent, from 33.11 billion USD in June 2015 to 30.68 billion USD on the homonymous period in 2016.

The Commerce and Industry Minister Nirmala Sitharaman says the outbound shipments should expect a gradual improvement in the coming months.