India’s Jan trade deficit touches $17.94 billion

India’s merchandise trade deficit in January touched $17.94 billion, preliminary data released by the government showed on Tuesday.

India’s merchandise exports rose 23.7 per cent to $34.06 billion from $27.54 billion a year earlier on healthy performance by engineering, petroleum and gems and jewellery segments, while imports also rose 23.7 per cent $52.01 billion in January from $42.03 billion last year, the data added.

Further, India’s merchandise import in 2021-22 (April-January) was $495.83 billion, an increase of 62.68 per cent over $304.79 billion in 2020-21 (April-January) and an increase of 22.3 per cent over $405.33 billion in 2019-20 (April-January).

India’s export in 2021-22 (April-January) rose by 46.53 per cent to $335.44 billion over $228.9 billion in 2020-21 (April-January).

Trade deficit, difference between imports and exports, stood at $160.38 billion during the ten months period of this fiscal as compared to USD 75.87 billion in April-January 2020.

According to the data, gold imports in January dipped by 40.42 per cent to $2.4 billion. Crude oil imports rose by 21.3 per cent to $11.43 billion in January.

Engineering exports rose by 24.13 per cent to $9.2 billion, petroleum by 74.73 per cent to USD 3.73 billion and gems and jewellery by 13.83 per cent to USD 3.23 billion.

Pharmaceuticals exports, however, dipped by 1 per cent to $2.05 billion in January.

Source: BusinessToday