India’s exports grew 5.37 percent year-on-year to USD 27.24 billion in January 2021, mainly propelled by healthy growth in pharma and engineering sectors, according to provisional data of the commerce ministry.
The trade deficit during the month narrowed to USD14.75 billion from USD15.3 billion in January 2020. It was USD15.44 billion in December 2020.
Imports in January 2021 rose 2 pc to USD42 billion. Exports of pharmaceuticals and engineering grew 16.4 pc (USD293 million), and about 19 pc (USD1.16 billion), respectively, the data showed.
The other sectors which recorded healthy growth include oil meals (253 pc), Iron ore (108.66 pc), tobacco (26.18 pc), rice (25.86 pc), fruits and vegetables (24 pc), carpet (23.69 pc), handicrafts (21.92 pc), spices (20.35 pc), ceramic products and glassware (19 pc), tea (13.35 pc), cashew (11.82 pc), plastic (10.42 pc), and chemicals (2.54 pc).
Export sectors that recorded negative growth include petroleum products (-37.34 pc), ready-made garments of all textiles (- 10.73 pc), and leather (- 18.6 pc).
In December 2020 also, the country’s merchandise exports recorded a growth of 0.14 pc.
Imports of gold jumped by about 155 pc to USD2.45 billion in January this year. Imports of other segments that recorded growth are pulses, pearls, precious and semi-precious stones, cotton raw and waste, vegetable oil, chemicals, and machine tools.
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