February 16, 2022
The trade deficit portrays a five-month low gap pertaining to the amount being US$14.49 billion as against US$17.42 billion earlier.
Gold imports decreased to US$2.4 billion at 40.52% while Imports of other commodities increased 23.54% to US$51.93 billion
The highest performing export sectors were chemicals, cotton yarn, handlooms and textiles.
Other imports increased 31.33% indicating a rise in domestic demand, said the Chief General Manager of Research and the Analysis, Prahalathan Iyer.
Merchandise exports rose 25.8% in January as compared to a year earlier to US$34.50 billion, sustained by higher exports of various commodities such as engineering goods, petroleum, gems and jewelry. according to data released by the Commerce and Industry Ministry.
Gold imports decreased to US$2.4 billion at 40.52% while imports of other commodities increased 23.54% to US$51.93 billion during January.
The highest performing export sectors were chemicals, cotton yarn, handlooms and textiles. Between April-January 2022, the industry saw a steady increase of 46.73% from US$228.92 billion to US$335.88 billion. The upcoming 10 months saw imports grow to 62.65% at US$495.75 billion leaving a trade deficit of US$159.87.
Other imports such as gold, jewellery, silver and precious metals along with, non-gems, non-petroleum increased 31.33% indicating a rise in the domestic demand of commodities.