India's January 2022 merchandise exports rose to $34.50 billion, higher by 25.28 per cent on a year-on-year basis, official data showed on Tuesday.
The exports during January 2021 stood at $27.54 billion.
The data by the Ministry of Commerce and Industry showed that in comparison to January 2020, last month's exports rose by 33.45 per cent.
"Non-petroleum and non-gems and jewellery exports in January 2022 were $27.10 billion, registering a positive growth of 20.13 per cent over non-petroleum and non-gems and jewellery exports of $22.56 billion in January 2021," it said.
Similarly, India's merchandise imports in January 2022 increased by 23.54 per cent over last year to $51.93 billion from $42.03 billion. The ministry data showed that last month's exports rose by 26.19 per cent in comparison to January 2020.
"Non-petroleum, non-gems and jewellery imports were $34.62 billion in January 2022 with a positive growth of 31.33 per cent over non-petroleum, non-gems and jewellery imports of $26.36 billion in January 2021 and a positive growth of 39.22 per cent over non-petroleum, non-gems and jewellery imports of $24.87 billion in January 2020."
The trade deficit widened by 20.23 per cent on a year-on-year basis to $17.42 billion in January 2022 from $14.49 billion in the like period of 2021. It had widened to $15.30 billion in January 2020.
ICRA's Chief economist Aditi Nayar said: "The fall in mobility and the demand for gold with the onset of the third wave and the associated restrictions, helped to pull back the merchandise trade deficit to a five month low $17.4 billion in January 2022.
"Non-oil exports displayed a modest sequential decline in January 2022 post the Christmas season, but encouragingly exceeded the level seen in October 2021. Non-oil, non-gold imports also reported a small MoM dip, resulting in a mild increase in the non oil non gold trade deficit in that month."
FIEO President A. Sakthivel said that top export sectors included petroleum products, engineering goods, organic and inorganic chemicals, cotton yarn or fabrics or made-ups, handloom products etc., gems and jewellery, 'RMG' of all textiles, plastic and linoleum, electronic goods, marine products and man-made yarn or fabs. or made-ups amongst others.
He said though the government has announced a slew of measures to support exports, the "need of the hour is to soon announce extension of the interest equalisation scheme and allow transfer of MEIS, increase the validity of scrips to 24 months, extend RoDTEP to EOUs, SEZ and Advance Authorisation and expand usages of RoDTEP and RoSCTL scrips".
Source : IANS