Exports show signs of improvement, up 22.47% during November 1-7: Official

The country's exports increased 22.47% year-on-year to US$ 6.75 billion in the first week of November, indicating significant progress, supported primarily by growth and development in the pharmaceuticals, gems and jewellery and engineering sectors, an official said on Tuesday.

Exports amounted to US$ 5.51 billion in the first week of November last year.

Imports have improved by 13.64% year-on-year to US$ 9.30 billion in November (1st-7th) this year, versus US$ 8.19 billion, the official said.

The official added that imports, except petroleum, increased 23.37% in the week. The trade deficit stood at US$ 2.55 billion throughout the week.

Pharmaceuticals, gems, and jewellery exports increased by 32% to US$ 139.12 million and by 88.8% to US$ 3,360.71 million, respectively.

Similarly, through the week, outbound shipments of engineering products improved by 16.7% to US$ 215.13 million.

Petroleum, marine products, and leather goods are sectors which reported negative growth.

Exports to the US, Hong Kong and Singapore increased by 53.91%, 176.2% and 90.76%, respectively, in this period.

The country's exports also reported positive growth in September, however in October they decreased by 5.4% to US$ 24.82 billion.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.