Monday, Oct 18 2021 | Time 12:55 Hrs(IST)
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Business Economy


India's exports in September rose 22.63 per cent to US$ 33.79 billion, trade deficit widened to US$ 22.59 billion

New Delhi, Oct 14 (UNI) Continuing the uptrend, India's merchandise exports posted 22.63 per cent in September 2021 to US$ 33.79 billion as compared to US$ 27.56 billion in the same month last year.
Some of the major items that recorded positive growth during the period were engineering goods (36.83 per cent), petroleum products (47.91 per cent), gems & jewellery (19.71 per cent) and cotton yarn/fabs./made-ups, handloom products etc. (40.5 per cent).
As per preliminary data released by the Ministry of Commerce and Industry, imports in September jumped 85 per cent year-on-year to US$ 56.39 billion. Oil imports during the period were US$ 17.44 billion, up almost 200 per cent compared to US$ 5.83 billion in September 2020.
Non-oil and non-gold imports were US$ 33.84 billion in September 2021, recording a positive growth of 40.45 per cent, as compared to US$ 24.09 billion in September 2020.
The trade balance for September 2021 widened to US$ 22.59 billion as against US$ 2.96 billion in the same month last year.

"The sharp rise in the merchandise trade deficit in September 2021 reflects an element of inventory stocking ahead of the festive season as well as advancement of crude oil purchases in light of the looming hardening of prices. While we do expect the trade deficit to moderate in the subsequent months, it is expected to range between US$13-16 billion per month in H2 FY2022," said ICRA Chief Economist Aditi Nayar.
Cumulative value of exports for the period April-September 2021 was US$ 197.89 billion as against US$ 125.62 billion in the same period last year registering a growth of 57.53 per cent.
With the government expecting the total merchandise exports to touch US$ 400 billion in FY22, the numbers of the first six months suggest that the annual target is well within its reach.
UNI NK
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