India’s merchandise exports rose 22.63 percent year-on-year to $ 33.79 billion in September, on better performance in key sectors, even as the trade deficit widened to 22 , $ 59 billion, according to official data released Thursday. Merchandise imports amounted to $ 56.39 billion in September, an increase of 84.77 percent from the same period a year earlier.
September’s trade deficit widened to $ 22.59 billion from $ 2.96 billion the same month last year, due to a significant jump in gold and oil imports, data shows . Gold imports in September reached 5.11 billion USD compared to 601 million USD in the same period last year.
Oil imports in September amounted to 17.44 billion USD against 5.83 billion USD in September 2020. From April to September 2021, imports amounted to 72.99 billion USD against 32.01 billion USD in the same period last year.
Export sectors that recorded positive growth during the month include coffee, cashews, petroleum products, looms, engineering, chemicals, artificial yarns / fabrics, gemstones and jewelry, plastics and marine products. Cumulatively, exports increased by 57.53% to 197.89 billion USD against 125.62 billion USD between April and September 2020.
Imports during the period increased 81.67% to reach $ 276 billion from $ 151.94 billion in April-September 2020. The trade deficit in the first six months of the year widened to 78 , 13 billion USD against 26.31 billion USD in April-September 2020.
Federation of Indian Export Organizations (FIEO) vice president Khalid Khan said that following the trend, India will reach $ 400 billion in exports by the end of the fiscal year. “But we should be a little cautious about the trade deficit,” Khan said.
FIEO President A Sakthivel said the recovery of global economies across the globe and expectations of a dynamic leadership position for the coming months, especially during the holiday season, have also led to a such continued growth in exports. Founding Chairman of Technocraft Industries India Sharad Kumar Saraf said increased exports are a healthy sign for the economy, but the widening trade gap is certainly a cause for concern.