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January exports up 25.2% at $35 billion, imports jump 23.5% to $52 billion.
Feb 16, 2022

India's merchandise exports in January rose 25.28% from a year earlier to $34.50 billion, buoyed by higher outbound shipments of engineering goods, petroleum products and gems and jewellery, data released by the commerce and industry ministry on Tuesday showed.
 
Though the trade deficit widened to $17.42 billion as against $14.49 billion in January 2021, it was at a five-month low. Imports increased 23.54% to $51.93 billion during the month though gold imports shrank 40.52% on-year to $2.4 billion.
 
'The fall in mobility and the demand for gold with the onset of the third wave (of Covid) and the associated restrictions, helped to pull back the merchandise trade deficit to a five-month low at $17.4 billion in January 2022,' said Aditi Nayar, chief economist at ICRA.
 
Chemicals, cotton yarn, handlooms and textiles were the other top performing export sectors.
 
'Out of these, almost all of them were labour-intensive sectors contributing majorly to the exports basket, which itself is a good sign, further helping job creation in the country,' said A Sakthivel, president of the Federation of Indian Export Organisations.
 
Cumulatively, exports increased 46.73% to $335.88 billion during April 2021-January 2022, from $228.92 billion in the year-earlier period.
 
Imports in the 10 months grew 62.65% to $495.75 billion, leaving a trade deficit of $159.87 billion.
 
Prahalathan Iyer, chief general manager, research & analysis, at India Exim Bank, said the country's export performance has been promising with the monthly exports remaining above $30 billion since the beginning of the fiscal year.
 
'The imports have been above $50 billion in the last five months; the trade deficit is likely to touch the peak level of $190 billion witnessed in FY13,' he said, adding that the trade surplus generated under the services sector is likely to be offsetting the deficit by more than $100 billion.
 
Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports, an indicator of the strength of domestic demand, grew 31.33%.
    
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