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Exports rose over 5 pc YoY in Jan
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SME Times News Bureau | 04 Feb, 2021
India's January merchandise exports rose over 5.37 per cent on a
year-on-year basis, preliminary data showed on Tuesday. Accordingly, the
country's merchandise exports during the month under review grew to
$27.24 billion from $25.85 billion in January 2020.
As per the data, in January 2021, the value of non-petroleum exports rose by 11.37 per cent over January 2020 to $25.24 billion.
"The
value of non-petroleum and non-gems and jewellery exports in January
2021 was $22.40 billion as compared to $19.79 billion in January 2020,
registering a positive growth of 13.21 per cent," a Ministry of Commerce
and Industry statement said on the basis of preliminary data.
"The
cumulative value of non-petroleum and non-gems and jewellery exports in
April-January 2020-21 was $188.73 billion, as compared to $197.94
billion for the corresponding period in 2019-20, exhibiting a decrease
of 4.65 per cent," it added.
In terms of imports, India's inbound
shipments in January 2021 increased by 2.05 per cent to $41.99 billion
from $41.15 billion during the corresponding period of 2020.
"Merchandise
imports during April-January 2020-21 were $300.26 billion, as compared
to $405.33 billion during the same period last year, exhibiting a
negative growth of 25.92 per cent," the statement said.
Last month, oil imports were $9.40 billion, as compared to $13.01 billion in January 2020, a decline of 27.72 per cent.
"Non-oil
imports in January 2021 were estimated at $32.59 billion, as compared
to $28.14 billion in January 2020, showing an increase of 15.81 per
cent. Non-oil, non-GJ (gold, silver and precious metals) imports were
$26.35 billion in January 2021, recording a positive growth of 5.94 per
cent, as compared to non-oil and non-GJ imports of $24.87 billion in
January 2020," the statement said.
Consequently, India's trade deficit stood at $14.75 billion in January 2021.
However, on a year-on-year basis, the deficit declined by 3.57 per cent at $15.30 billion.
"The
rise in both merchandise exports and imports in January 2021 is
heartening, signifying a continued strengthening of the domestic growth
recovery," said Aditi Nayar Principal Economist at ICRA.
"With
the merchandise trade deficit having risen to US$14-15 billion over the
last two months, we expect the current account balance to slip back
into a deficit in H2 FY2021," Nayar added.
According to Founder
Chairman of TPCI, Mohit Singla: "India's merchandise exports growth for
the month of January 2021, shows that India's trade has been on the path
of quick recovery.
"This clearly shows that the global trade
flow has been streamlining fast and bottlenecks owing to the pandemic
are easing out gradually. Also, it is a reflection that Indian products
have been sustaining its global demand despite challenges and resilience
efforts of our exporters have started bearing fruits again."
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
|
64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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