Exports jump 25.28 pc to $34.5 bn in Jan; trade deficit widens to $17.43 bn

India’s exports in January rose 25.28 per cent to USD 34.50 billion on account of healthy performance by mainly engineering, petroleum and gems and jewellery sectors, even as trade deficit widened to 17.43 billion, according to data released by the commerce ministry on Tuesday.

Imports grew by 23.54 per cent to USD 51.93 billion during the month under review.

Trade deficit, difference between imports and exports, stood at USD 14.499 in January 2021.

Cumulatively, exports increased by 46.73 per cent to USD 335.88 billion during April 2021-January 2022, from USD USD 228.92 billion in the corresponding period a year ago.

Imports during the April-January period expanded by 62.65 per cent to USD 495.75 billion. Trade deficit stood at USD 159.87 billion during the ten-month period as against USD 75.87 billion in the same period a year earlier.

According to the data, gold imports in January 2022 dipped by 40.52 per cent to USD 2.4 billion. Crude oil imports rose by 26.9 per cent to USD 11.96 billion in January.

Exports of engineering, petroleum and gems and jewellery in January 2022 increased by 24.11 per cent, 95.23 per cent and 13.64 per cent to USD 9.2 billion, USD 4.17 billion and USD 3.23 billion, respectively.

Pharmaceuticals exports, however, dipped by 1.15 per cent to USD 2.05 billion in January.

Federation of Indian Export Organisations (FIEO) Vice President Khalid Khan said that going by the current rate of growth, India will exceed USD 400 billion exports target for this fiscal.

FIEO President A Sakthivel, however, said that imports clocking USD 51.93 billion during the month with a growth of 23.54 per cent, is a point of ”concern and should be analysed”.

The data also showed that the estimated value of service export for January stood at USD 26.91 billion, exhibiting a positive growth of 54.95 per cent over the same month last year. Imports rose by 60.32 per cent to USD 15.83 billion.

”The estimated value of services export for April-January 2021-22 is USD 209.83 billion, exhibiting a positive growth of 25.31 per cent vis-a-vis April-January 2020-21 (USD 167.45 billion)…imports for April-January 2021-22 is USD 121.16 billion exhibiting a positive growth of 27.69 per cent vis-à-vis April-January 2020-21 (USD 94.88 billion),” it said.