India's exports rise by 23.69 pc to USD 34 bln in January, trade deficit widens to $17.94 bln

India's exports rose 23.69 per cent to $34.06 billion in January owing to robust performance by engineering, petroleum as well as gems and jewellery sectors, even as trade deficit widened to $17.94 billion during the month, according to provisional figures of commerce ministry.

Imports in January grew by 23.74 per cent to USD 52.01 billion, the data, released on Tuesday, showed, report The Economic TImes.

Trade deficit widened to $17.94 billion during the month as against $14.49 billion in the same month last year.

Cumulatively, exports during April-January 2021-22 rose by 46.53 per cent to $335.44 billion as against $228.9 billion in the same period last year. Imports during the period jumped by 62.68 per cent to $495.83 billion.

Trade deficit, difference between imports and exports, stood at $160.38 billion during the ten months period of this fiscal as compared to $75.87 billion in April-January 2020.

According to the data, gold imports in January dipped by 40.42 per cent to USD 2.4 billion. Crude oil imports rose by 21.3 per cent to USD 11.43 billion in January.

Engineering exports rose by 24.13 per cent to USD 9.2 billion, petroleum by 74.73 per cent to USD 3.73 billion and gems and jewellery by 13.83 per cent to USD 3.23 billion.

Pharmaceuticals exports, however, dipped by 1 per cent to USD 2.05 billion in January.

Federation of Indian Export Organisations (FIEO) Vice President Khalid Khan said that going by the current rate of growth, India will achieve USD 400 billion exports target for this fiscal.

FIEO President A Sakthivel said that the additional budget for the Interest Equalization Scheme for 2021-22 and provision of Rs 2,621.50 crore for 2022-23 have provided assurance on the continuance of the scheme and "we are expecting a suitable announcement in this regard".