India’s goods exports in October 2021 posted a 42.33 per cent increase to $35.47 billion with all top sectors, including engineering goods, petroleum products, gems & jewellery and chemicals, posting high growth, according to preliminary data released by the Commerce and Industry Ministry on Monday.

Imports in October posted a sharper rise of 62.49 per cent to $55.37 billion, propelled by electronic goods, petroleum products, gold and coal, doubling the trade deficit to $19.9 billion from $9.15 billion in October 2020.

The continued high growth in exports in the current fiscal reflects the opening up and further recovery of economies across the globe coupled with buoyant order booking position across sectors, pointed out A Sakthivel, President, Federation of Indian Export Organisations.

“The fact that many labour-intensive sectors were major contributors to growth is a good sign, which will further help in job creation in the country. However, imports yet again clocking over $55 billion, with a growth of over 62 per cent during the month, should be analysed,” he said.

Goods exports

Goods exports in April-October 2021 stood at $232.58 billion, recording an increase of 54.51 per cent over the same period last year. India’s imports in April-October 2021 increased 78.71 per cent to $331.29 billion compared to the same period last year. Trade deficit during the period increased to $117.38 billion compared to $69.29 billion in April-October 2020.

The value of non-petroleum and non-gems and jewellery exports in October 2021 was $26.05 billion, posting a growth of 27.54 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 and precious metals imports in October 2021 were valued at $32.42 billion posting an increase of 39.29 per cent over October 2021.

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