scorecardresearch
Overall exports rise 35.1% to $56.4 bn; imports up 57.3% to $68.09 bn in October

Overall exports rise 35.1% to $56.4 bn; imports up 57.3% to $68.09 bn in October

India’s overall exports in the April-October 2021 period grew 39.83% YoY, while imports for April-October grew by 63.64%.

Merchandise exports in October 2021 grew 43.05 per cent at $35.65 billion, as compared to $24.92 billion in October 2020. Merchandise exports in October 2021 grew 43.05 per cent at $35.65 billion, as compared to $24.92 billion in October 2020.

India's overall exports in October 2021 are estimated to be $56.51 billion, exhibiting a growth of 35.16 per cent over the same period last year. Imports, however, are estimated to be at $68.09 billion, growing at 57.32 per cent over the same period last year.

India's overall exports in the April-October 2021 period stood at $369.39 billion, growing at 39.83 per cent over the same period last year. The imports for April-October stood at $409.30 billion, a 63.64 per cent growth over the same period last year.

Merchandise exports in October 2021 grew 43.05 per cent at $35.65 billion, as compared to $24.92 billion in October 2020. The commodities that recorded positive growth during October 2021 vs October 2020 are petroleum products (240.23 per cent), coffee (80.73 per cent), engineering goods (50.89 per cent), cotton yarn, handloom products (46.2 per cent), among others.

Prahalathan Iyer, Chief General Manager, Research & Analysis, India Exim Bank, said: "This is the eighth consecutive month that India recorded over $30 billion worth of exports since March 2021. As for imports, this is the second consecutive month that the country recorded imports of over $55 billion, of which non-POL and non-gems and jewellery imports amounted to $32 billion, which shows the demand for machines and materials to spur the manufacturing activity is growing. Though this pace would lead to a growing trade deficit and associated challenges, it is required to lift the economic revival."

The commodities that recorded negative growth are iron ore (-76.7 per cent), oil meals (-50.66 per cent), oil seeds (-16.25 per cent), tea (-10.85 per cent), ceramic products & glassware (-6.6 per cent), among others.

The cumulative value of exports for the period April-October 2021 was $233.54 billion against $150.54 billion during the period April-October 2020, registering a positive growth of 55.13 per cent in dollar terms.

Non-petroleum and non-gems and jewellery exports in October 2021 grew 27.75 per cent to $26.09 billion, compared to $20.43 billion in October 2020.

Merchandise imports in October 2021 were $55.37 billion (Rs 4,14,832.20 crore), which is an increase of 62.51 per cent in dollar terms over imports of $34.07 billion (Rs 2,50,299.93 crore) in October 2020.

Major commodity groups of imports in October 2021 that showed negative growth were project goods (-80.21), fertilisers, crude (-28.75 per cent), transport equipment (-10.11 per cent) and fruits and vegetables (-6.54 per cent).

Oil imports in October 2021 were $14.43 billion (Rs 1,08,096.22 crore), which was 140.47 per cent higher in dollar terms, compared to
$6.00 billion in October 2020.

Non-oil imports in October 2021 were $40.94 billion (Rs 3,06,735.98 crore), which was 45.85 per cent higher in dollar terms compared to $28.07 billion in October 2020.

Also read: India's forex reserves slip by $1.145 bln to $640.8 bn: RBI
Also read: Investor power accelerating development of sustainable green economy: Atul Bagai of UNEP India

Also read: Clear signs of investment being induced by rise in consumption: Finance Ministry on economy