Rise in exports across top sectors such as engineering, gems & jewellery, chemicals, leather, ready-made garments and electronics in October 2021 helped India retain its growth momentum posting a 43.05 per cent increase (year-on-year) to $35.65 billion, per quick estimates released by the Commerce Department on Monday.

Trade deficit in October 2021, however, more than doubled to $ 19.73 billion, from $9.15 billion in the same month last year, as imports during the month recorded a steep growth of 62.51 per cent to $ 55.37 billion.

Engineering goods

“Engineering goods shipments have continued its impressive run (growing 51 per cent in dominating the exports basket. The high growth rate has come on the back of sharp recovery in the key markets, pent-up demand and an aggressive export push by the government, said EEPC India Chairman Mahesh Desai.

The quick estimates are in line with the provisional estimates of trade data released by the government on November 1.

Goods exports in April-October 2021 were valued at $233.54 billion, an increase of 55.13 per cent over the same period last year. Cumulative value of imports for the period April-October 2021 was at $331.39 billion, which was 15.84 per cent higher than the same period last year. Trade deficit during the period increased to $97.85 billion compared to $35.47 billion in April-October 2020.

Value of non-petroleum and non-gems and jewellery exports in October 2021 were at $26.09 billion, posting a growth of 27.75 per cent over exports in October 2020. This indicates that export growth was across sectors and not restricted to just a couple of items.

Non-oil, non-gold, silver & precious metals imports in October 2021 were valued at $ 35.84 billion posting an increase of 40.14 per cent over October 2021.

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