Exports rise 22.63% to $33.79 bn in Sept
Surge in gold, oil imports widen trade deficit to $22.59 bn
image for illustrative purpose
New Delhi: India's merchandise exports rose by 22.63 per cent year-on-year to $33.79 billion in September on better performance by key sectors even as the trade deficit widened to $22.59 billion, according to official data released on Thursday.
Merchandise imports stood at $56.39 billion in September, an increase of 84.77 per cent compared to the year-ago period. The trade deficit in September widened to $22.59 billion as against $2.96 billion in the same month last year, due to a significant jump in gold and oil imports, the data showed. Gold imports during September zoomed to $5.11 billion as against $601 million during the same period last year. Oil imports in September were $17.44 billion compared to $5.83 billion in September 2020.
FIEO President A Sakthivel said that recovery in the global economies across the world and expectations of buoyant order booking position for the coming months specially during the festive season has also led to such continuous growth in exports." Technocraft Industries India founder chairman Sharad Kumar Saraf said, "increasing exports are a healthy sign for economy but widening of trade gap is definitely a matter of concern."
During April-September 2021, imports stood at $72.99 billion as against $32.01 billion in the same period last year. Export sectors that recorded positive growth during the month include coffee, cashew, petroleum products, handloom, engineering, chemicals, man-made yarn/fabrics, gems and jewellery, plastic and marine products. Cumulatively, exports rose by 57.53 per cent to $197.89 billion as against $125.62 billion during April-September 2020. Imports during the period rose by 81.67 per cent to $276 billion as against $151.94 billion during April-September 2020. The trade deficit during the first six months of the fiscal widened to $78.13 billion as against $26.31 billion during April-September 2020. Federation of Indian Export Organisations (FIEO) Vice-Chairman Khalid Khan said that going by the trend India will hit $400 billion exports by the end of the fiscal. "But we should be a little cautious about the trade deficit," Khan said.
