According to official data released on Thursday, India’s merchandise exports rose 22.63 per cent to $33.79 billion in September, while the trade deficit widened to $22.59 billion, on the back of a better performance by key sectors. Merchandise imports stood at $56.39 billion in September, up 84.77 per cent from the same period a year ago.
The data showed that the trade deficit widened to $22.59 billion in September from $2.96 billion in the same month last year. Gold imports rose to US$ 5.11 billion during September as against US$ 601 million in the same period last year.
Oil imports stood at USD 17.44 billion in September, up from USD 5.83 billion in September 2020. During April-September 2021, imports stood at US$ 72.99 billion as against US$ 32.01 billion in the corresponding period of the previous year.
Export sectors that registered positive growth during the month include coffee, cashew, petroleum products, handlooms, engineering, chemicals, man-made yarn/fabric, gems and jewellery, plastics and marine products. Cumulatively, exports grew by 57.53 per cent to USD 197.89 billion during April-September 2020 as against USD 125.62 billion.
Imports during the period grew by 81.67 per cent to USD 276 billion as against USD 151.94 billion during April-September 2020. The trade deficit during the first six months of the financial year widened to USD 78.13 billion as against USD 26.31 billion during April-September 2020. .
Federation of Indian Export Organizations (FIEO) Vice Chairman Khalid Khan said that according to this trend, India will impact exports of $ 400 billion by the end of the financial year. “But we should be a little cautious about the trade deficit,” Khan said.
FIEO President A Sakthivel said that the recovery in global economies across the globe and expectations of a spurt in order booking situation for the coming months especially during the festive season have also led to such sustained growth in exports. Sharad Kumar Saraf, Founder President, Technocraft Industries India, said that the growth in exports is a healthy sign for the economy but the widening of the trade gap is certainly a matter of concern.
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