Connect with us

Business

Exports rose 6.16 percent in January, trade deficit narrowed to $ 14.54 billion

Published

on

Gujarat High Court suspends arrest warrant issued against Pranjoy Guha

Disclaimer:This article is auto-uploaded from the agency feed. It has not been edited by the team of NavbharatTimes.com.

language | Updated: 15 Feb 2021, 09:48:00 PM

New Delhi, February 15 (Language) The country’s exports have registered a second consecutive month of growth. According to the Commerce Ministry data, the country’s exports increased 6.16 percent to $ 27.45 billion in January this year. According to provisional figures of the ministry, exports have increased due to good growth in the pharmaceutical and engineering sectors. Imports in January 2021 rose 2 percent to $ 42 billion. This reduced the trade deficit to $ 14.54 billion during the month under review from $ 15.3 billion in January 2020. In December 2020 it was $ 15.44 billion. Month under review

New Delhi, February 15 (Language) The country’s exports have registered a second consecutive month of growth. According to the Commerce Ministry data, the country’s exports increased 6.16 percent to $ 27.45 billion in January this year. According to provisional figures of the ministry, exports have increased due to good growth in pharmaceutical and engineering sectors. Imports in January 2021 rose 2 percent to $ 42 billion. This reduced the trade deficit to $ 14.54 billion during the month under review from $ 15.3 billion in January 2020. In December 2020 it was $ 15.44 billion. According to the data, pharmaceutical exports grew 16.4 percent to $ 2 billion and engineering goods exports grew by 19 percent to $ 7.4 billion. Other sectors that have recorded good growth include oil meal, iron ore, tobacco, rice, fruits and vegetables, cashew, plastic and chemicals. Among the export sectors which registered negative growth are petroleum products, stitched garments and leather. While petroleum products declined by 32 percent, stitched clothing declined by 10.73 percent and leather by 18.6 percent. The country’s commodity exports grew by 0.14 percent in December last year. Gold imports jumped 155 percent to $ 4 billion in January this year. Apart from this, imports of pulses, pearls, precious and semi-precious stones, crude cotton, edible oil, chemicals and machine tools have shown an increase. However, cumulative exports during April-January for the fiscal year 2020-21 declined by 13.58 percent to $ 228.25 billion from $ 264.13 billion in the same period a year ago. Similarly, imports declined by 26 percent to $ 300.26 billion during April-January of the current financial year. Oil imports declined by 27.72 percent to $ 9.40 billion in January 2021 from $ 13.01 billion in the same month a year ago. According to the data, oil imports in the current financial year April-January increased by 42.5 percent to $ 63.09 billion from $ 109.72 billion in the same period of 2019-20 a year ago. Regarding trade figures, Federation of Indian Export Organizations (FIEO) President SK Sarraf said the decline in export growth of petroleum products, leather, meat, dairy and poultry products and gems and jewelery is a matter of concern. The participation of these sectors in total exports is important. He has asked the government to immediately notify tariffs and tax exemption (RODTEP) rates on export products. This will remove the uncertainties in the minds of trade and industry and will help them to take new orders from foreign buyers.

Navbharat Times News App: News of the country, world of your city, education and business updates, movement of the world of film and sports, viral news and religious work … Get the latest news of , Download NBT App

Like the NBT Facebook page to stay updated with the latest news

.

Source: navbharattimes.indiatimes.com