India's Jan trade deficit widens to $17.42 bn, exports rise 25%: Govt
- IBEF
- February 16, 2022
According to the Ministry of Commerce, India's exports increased by 25.28% to US$ 34.50 billion in January, owing to strong performance in the engineering, petroleum, and gems and jewellery sectors, despite a trade deficit of US$ 17.43 billion. Imports increased by 23.54% to US$ 51.93 billion. Exports climbed by 46.73% to US$ 335.88 billion, along with imports rising by 62.6% to US$ 495.75 and trade deficit was around US$ 159.87 billion in FY 22 (until January). The anticipated value of service exports in January was US$ 26.91 billion, up 54.95% over the same month the previous year. Service imports increased by 60.3% to US$ 15.83 billion.
Gold imports fell by 40.52% to US$ 2.4 billion and crude oil imports increased by 26.9% to US$ 11.96 billion, in January. Engineering, petroleum, and gems and jewellery exports climbed by 24.11%, 95.23%, and 13.64%, respectively, to US$ 9.2 billion, US$ 4.17 billion, and US$ 3.23 billion in January 2022. Exports of pharmaceuticals, on the other hand, fell 1.15% to US$ 2.05 billion.
According to Vice President Khalid Khan of the Federation of Indian Export Organisations (FIEO), India would exceed the US$ 400 billion export target for this fiscal year.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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