India's merchandise exports surge 42.33% in October

02 Nov 2021 Evaluate

The Ministry of Commerce and Industry in its provisional data has showed that India's merchandise exports surged 42.33 percent to $35.47 billion in October 2021 as compared to $24.92 billion in October 2020, on the back of good performance by the engineering and petroleum sectors. The merchandise imports surged 62.49 percent to $55.37 billion from $34.07 billion in October 2020. It was $37.99 billion in October 2019. The trade deficit in October 2021 was $19.9 billion as gold imports almost doubled to $5.1 billion. The gap between imports and exports have totalled $98.71 billion during April-October 2021. Outward shipments of engineering goods, which accounted for 28.19 percent of total exports in October, increased 50.7 percent year-on-year to $9.38 billion.

As per the data, exports of petroleum products too were up 231.63 percent on annual basis at $5.19 billion. Another major chunk of exports, which comes from the gems and jewellery sector, rose 44.24 percent to $4.22 billion. Exports from the labour-intensive textiles sector, which accounts for 3.5 percent of the total outward shipments, increased by 6.4 percent to $1.25 billion in October. India also exported electronic goods worth $1.34 billion during the month under review against $966 million in October 2020. On the import front, the inbound shipments of 'petroleum, crude and products' soared 140.5 percent to $14.43 billion from $6 billion in October 2020. Import of electronic goods stood at $6.81 billion (up 23 percent) and machinery, electrical and non-electrical segment stood at $3.54 billion (up 41.78 percent). The value of non-petroleum exports in October 2021 was $30.27 billion, registering a positive growth of 29.63 percent over non-petroleum exports of $23.35 billion in the year-ago month.

Besides, the gold imports stood at $5.1 billion this October compared to $2.49 billion in the year-ago month, an increase of 104.25 percent. The vegetable oil imports were valued at $1.62 billion during October 2021, up 59.59 percent on a year-on-year basis. India's merchandise exports in April-October 2021 was $232.58 billion, a rise of 54.51 percent over $150.53 billion in the year-ago period. It was $185.4 billion in April-October 2019. Also, the value of non-petroleum imports was $40.94 billion, a growth of 45.82 per cent over $28.07 billion in October 2020.

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