Merchandise exports grew 11 months in a row, up 43% year-on-year to $35.65
Preliminary data released by the Ministry of Commerce and Industry shows that the growth was driven by higher demand for commodities, primarily engineering goods, petroleum products, gems and jewellery, as well as organic and inorganic chemicals among other commodities.
Compared to the pre-Covid level of October 2019, the value of exported goods had increased by about 36 per cent. Exports have been on an upward trend for almost a year now, with the value of exports hovering around $30 billion over the past eight months, amid a gradual recovery in key western markets.
Vijay Kalantri, President, MVIRDC World Trade Center Mumbai said that there is strong demand across the globe in eight consumer goods categories – carpets, handicrafts, leather goods, spices, marine products, meat (including poultry and dairy products), plastics and electronic goods. is being viewed. It is expected to increase further in the future. “These eight goods account for 12 per cent of our outbound shipments. We expect world demand for these eight commodities to pick up in the coming months as economic growth and income levels recover from the low levels of the pandemic,” Kalantri said. On a cumulative basis, India's merchandise exports stood at $233.54 billion in April-October, up 55.23 per cent year-on-year and 26 per cent higher than the same period in 2019. for the current financial year. Imports remained high in October.
With the start of the festive season, India imported $55.37 billion, up 62.5 percent year-on-year and 45.7 percent compared to October 2019.
However, the trade deficit narrowed to $19.73 billion in October from a record high of $22.59 billion in September. The widening of the deficit was due to a spurt in imports of goods ahead of the festive season and a hardening in commodity prices. “This is the second consecutive month posting imports of over $55 billion, of which non-petroleum and non-gems and jewelery imports are at $32 billion, indicating that there is a need for machines and materials to boost manufacturing activity. Demand is increasing. While this pace will increase the trade deficit and associated challenges, there is a need to scale up the economic revival,” said Prahlathan Iyer, chief general manager, research and analysis, India Exim Bank. Non-petroleum and non-gems and jewelery exports stood at $26.09 billion in October, up 27.7 per cent year-on-year and 37 per cent higher than the October 2019 figure.
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