Engineering goods, pharma, iron ore push exports up 5.37% in Jan

The new year started on a positive note for Indian exporters with goods exports in January rising 5.37 per cent to $27.24 billion (year-on-year) primarily led by a spurt in engineering goods, pharmaceuticals and iron ore, according to early trends for the month released by the Commerce & Industry Ministry on Tuesday.

Imports during the month increased by 2.05 per cent to $41.99 billion due to a steep fall in the import of petroleum products. Gold imports, however, shot up 154.7 per cent. Trade deficit in January declined by 3.57 per cent to $14.75 billion.

Both non-petroleum exports and non-petroleum imports posted much higher growth figures of 11.37 per cent ($25.24 billion) and 15.81 per cent ($32.59 billion) respectively in January compared to the same month last year.

The value of non-petroleum and non-gems and jewellery exports in January was $22.40 billion registering a positive growth of 13.21 per cent over the same month last year. Non-oil, non-GJ (gold, silver & precious metals) imports were $26.35 billion, recording a positive growth of 5.94 per cent.

Also read: Export growth may hinge on specialisation in items of comparative advantage

Exports during April-January 2020-21 were 13.66 per cent lower at $228.04 billion compared to the same period last fiscal. Imports during the first ten months were 25.92 per cent lower at $300.26 billion compared to the first ten months of 2019-20.

Sectors that have posted an export growth in January include other cereals, oil meals, iron ore, jute products, tobacco, rice, fruits and vegetables, carpet, handicrafts, carpets, spices, ceramic products and glassware, engineering goods, drugs and pharmaceuticals, electronic goods, tea, cashew, plastic, mica, coal and other ores, minerals, cotton yarn & fabrics, coffee and chemicals.

Also read: Goods exports rise a tad to $27.15 b in Dec; deficit widens to $15.44 billion

Sectors that suffered a decline in exports during the month are petroleum products, leather and leather manufactures, readymade garments, man-made yarn/fabrics/made-ups, meat, dairy and poultry products, oil seeds, marine products, and gems and jewellery.

Top five commodity groups of import showing a fall in January include silver, newsprint, project goods, leather & leather products and petroleum.