economy

India trade deficit widens 117% to $20 bn as imports rise 62%; exports up 42%

India trade deficit widens 117% to $20 bn as imports rise 62%; exports up 42%

Indias trade deficit widened to $19.90 billion in October, marking a rise of 117.38 per cent on-year. The country had seen trade deficit of $9.15 billion last year and $11.75 billion in October 2019 as international trade routes remained shut due to the pandemic. The merchandise exports of India grew 42.33 per cent to $35.47 billion in October 2021, as against $24.92 billion in October 2020. It stood at $26.23 billion in October 2019. Meanwhile, merchandise imports increased 62.49 per cent to $55.37 billion in October 2021, as against $34.07 billion in October 2020, and $37.99 billion in October 2019. During the April-October 2021 period, trade deficit has increased 183.22 per cent on-year to $98.71 billion, showed data shared by Ministry of Commerce and Industry on Monday. While merchandise exports increased 54.51 per cent to $232.58 billion during this time, the value of merchandise imports rose 78.71 per cent to $331.29 billion. Non-petroleum exports accounted for $30.27 billion of the overall merchandise exports, registering a positive growth of 29.63 per cent $23.35 billion seen in the year-ago period. Meanwhile, non-petroleum imports jumped 45.82 per cent to $40.94 billion during the month under review, with a positive growth of compared to $28.07 billion in October 2020. Non-petroleum and non-gems and jewellery exports made up $26.05 billion of the total exports last month, registering a positive growth of 27.54 per cent over $20.43 billion seen a year ago. Items excluding petroleum and gems and jewellery constituted $32.42 billion of the total import bill in October this year, marking a growth of 39.29 per cent over $23.27 billion last year. The top ten commodity groups made up 81.62 per cent of all merchandise exports. The list of the ten most exported items includes engineering goods; petroleum products; gems and jewellery; organic and inorganic chemicals; drugs and pharmaceuticals; electronic goods; cotton yarn/fabrics/made-ups handloom products etc.; RMG of all textiles; marine products; and plastic and linoleum. Meanwhile, the ten most imported items included petroleum, crude and products; electronic goods; gold; machinery; coal, coke and briquettes, etc; organic and inorganic chemicals; pearls, precious and semi-precious stones; artificial resins, plastic materials, etc; vegetable oil; and iron and steel. These formed 77.84 per cent of the total import bill. Download.

economy 2021-11-02 Livemint