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Sept exports, imports rise over 22% YoY
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SME Times News Bureau | 14 Oct, 2021
India's merchandise exports rose by 22.63 per cent, on a year-on-year basis, in September 2021.
Exports rose to $33.79 billion from $27.56 billion reported for September 2020.
The
data furnished by the Ministry of Commerce and Industry showed that in
comparison to September 2019, last month's exports rose by 29.86 per
cent.
On a sequential basis, exports for last month, inched up
from $33.28 billion worth of merchandise exports reported for August
2021.
"Non-petroleum and non-gems and jewellery exports in
September 2021 were $25.34 billion, as compared to $21.33 billion in
September 2020, registering a positive growth of 18.82 per cent," the
ministry said.
"As compared to September 2019, non-petroleum and
non-gems and jewellery exports in September 2021 registered a positive
growth of 33.39 per cent."
Similarly, India's merchandise imports
in September 2021 increased, rising by 84.77 per cent, on a
year-on-year basis, to $56.39 billion from $30.52 billion.
The data showed that in comparison to September 2019, last month's imports rose by 49.59 per cent.
Sequentially, September's imports were higher than $47.09 billion worth of merchandise imports reported for August 2021.
"Non-oil
and non-gold imports were $33.84 billion in September 2021, recording a
positive growth of 40.45 per cent, as compared to non-oil and non-gold
imports of $24.09 billion in September 2020."
"Non-oil and non-gold imports in September 2021 recorded a positive growth of 23.79 per cent over September 2019."
Consequently,
trade deficit widened by 663.48 per cent on a year-on-year basis to
$22.59 billion in September 2021 from $2.96 billion in the like period
of 2020.
It had widened to $13.81 billion in August 2021.
"Crossing
$197 billion in merchandise exports during the first half of the
financial year in itself is a spectacular performance during these
challenging times," FIEO President A. Sakthivel said.
EEPC India
Chairman Mahesh Desai said that strong economic recovery in key markets,
pent-up demand and policy support have been amongst the key factors
that continue to push engineering exports from the country.
"This
has again reflected in September trade data with engineering goods
exports recording nearly 37 per cent growth. Given the uptrend so far in
the first six months of the fiscal, we would certainly meet our annual
shipment target."
ICRA Chief Economist Aditi Nayar said: "The
sharp rise in the merchandise trade deficit in September 2021 reflects
an element of inventory stocking ahead of the festive season as well as
advancement of crude oil purchases in light of the looming hardening of
prices."
"While we do expect the trade deficit to moderate in the
subsequent months, it is expected to range between $13-16 billion per
month in H2 FY2022."
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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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