India’s exports grew 10.92% year-on-year to $11.81 billion in the fortnight ended January 14, driven by a growth in pharmaceuticals, electronics and engineering sectors, indicating a revival in activity.
Imports in the January 1-14 period were up 6.58% at $18.02 billion led by gold, and pearls, precious and semi-precious stones.
Gold imports witnessed a $452.1 million rise in the period.
In the week ended January 14, exports were $5.61 billion, up 5.59% over the same period of previous year and imports rose 12.28% to $9.32 billion.
After a gap of three months, India’s exports witnessed growth in December when outbound shipments grew 0.14% to $27.15 billion buoyed by food products, electronics and pharmaceuticals.
In the first two weeks of January, export excluding petroleum, oil and lubricants increased 16.07% on-year while imports excluding petroleum rose 18.78%.
“Thus, India is a net importer in trade during the second week of January 2021,” said an official.
Among geographies, the US was the top destination for India’s exports with an increase of $254.74 million followed by the UK and Indonesia. The steepest decline in exports were witnessed in petroleum products, readymade garments of all textiles and leather.
On the other hand, the UK, China and Singapore were the top sources of India’ imports in the first two weeks.
Non-oil, non-gems and Jewellery imports, an indicator of the strength of domestic demand, rose 13.13% during the period.
Source: The Economic Times