India’s merchandise exports rose for the second consecutive month in January and at a faster pace than seen in preliminary estimates released earlier this month, official data released Monday showed. In an indicator of the recovery in domestic demand, imports increased and the country’s trade deficit narrowed to USD 14.54 billion.

Official data showed, Merchandise exports rose over 6.16% on a year-on-year basis. The exports during the month under review grew to USD 27.45 billion from USD 25.85 billion in January 2020. "Non-petroleum and Non-gems and jewellery exports in January 2021 were USD 22.44 billion, as compared to $19.79 billion in January 2020, registering a positive growth of 13.40%," a Ministry of Commerce and Industry statement said. "Non-petroleum and non-gems and jewellery exports in April January 2020-21 were USD 188.77 billion, as compared to USD 197.94 billion for the corresponding period in 2019-20, which is a decrease of (-) 4.63%."

In terms of imports, India's inbound shipments in January 2021 increased by 2.03% to USD 41.99 billion from USD41.15 billion during the corresponding period of 2020. "Cumulative value of imports for the period April-January 2020- 21 was USD 300.26 billion as against USD 405.33 billion during the period April-January 2019-20, registering a negative growth of (- ) 25.92% in dollar terms.

"Last month, oil imports were $9.40 billion, as compared to USD 13.01 billion in January 2020, a decline of 27.72%. "Non-oil and non-gold imports were USD 28.55 billion in January 2021, recording a positive growth of 7.50%, as compared to non-oil and non-gold imports of USD 26.56 billion in January 2020."

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