India's exports increased to $ 34.5 billion in January, know how much was the trade deficit

India’s exports increased to $ 34.5 billion in January, know how much was the trade deficit

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New Delhi. The country’s exports grew by 25.28 percent to $ 34.50 billion in January 2021 due to the better performance of sectors like engineering, petroleum and gems and jewellery. According to the data released by the Ministry of Commerce on Tuesday, the trade deficit increased to $ 17.43 billion in January. During this period, imports increased by 23.54 percent to $ 51.93 billion.

The trade deficit stood at $14.49 billion in January last year. According to the ministry, overall exports have grown by 46.73 per cent to $335.88 billion during the first 10 months (April-February) of the current financial year 2021-22. It was $228.92 billion in the same period a year ago.

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Gold imports declined by 40.52 per cent in January 2022
Imports grew 62.65 per cent to $495.75 billion in the reporting period. At the same time, the trade deficit stood at $ 159.87 billion, which was $ 75.87 billion in the same period a year ago. According to the data, gold imports declined by 40.52 per cent to $2.4 billion in January 2022. Crude oil imports increased by 26.9 percent to $ 11.96 billion.

Engineering, petroleum and gems and jewelery exports grew by 24.11 per cent, 95.23 per cent and 13.64 per cent, respectively, in the reporting month. In terms of value, it stood at $ 9.2 billion, $ 4.17 billion and $3.23 billion, respectively. However, exports of medicines declined by 1.15 per cent to $2.05 billion.

Exports may cross $400 billion target in FY22
Federation of Indian Export Organizations (Federation of Indian Export Organizations) President A Sakthivel said that in January imports increased by 23.54 percent to $ 51.93 billion. This is a matter of concern and needs to be analysed. At the same time, FIEO Vice President Khalid Khan said that given the current level of growth, the country’s exports will cross the target of $ 400 billion in the current financial year.

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According to the data, the estimated value of services exports in January stood at $26.91 billion. This is 54.95 percent more than the same month last year. Imports rose 60.32 per cent to $15.83 billion. The value of services exports grew by 25.31 per cent to $209.83 billion during April-January in the current fiscal. In the last financial year 2020-21, it was $ 167.45 billion in the same period.

increase in imports
Services imports grew by 27.69 per cent to $121.16 billion in the reporting period. It was $ 94.88 billion during April-January in the last financial year.

Tags: export, Import-Export

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