India’s exports grew 18.8 per cent to $20.01 billion during the three weeks of this month (November 1-21), driven by healthy growth in sectors such as petroleum products, chemicals, engineering goods and gems and jewellery, according to the preliminary data of the commerce ministry.
Exports are growing at a decent rate and are expected to cross $400 billion by the end of the current financial year. In October, outbound shipments grew 43 per cent to $35.65 billion.
Top export sectors
Export sectors that have been consistently registering positive growth include petroleum, engineering goods, coffee, cotton yarn/fabric/made-up, chemical plastics, gems and jewellery and linoleum and marine products.
India’s export stood at $233.54 billion in April-October
The total exports during April-October 2021 stood at $233.54 billion, an increase of 55.13 per cent over the same period last year. During the same period, imports grew 78.16 per cent to $331.39 billion, leaving a trade deficit of $97.85 billion.
Trade deficit fell to $19.73 billion in October
Data released on Monday, November 15, 2021, showed the trade deficit narrowed to $19.73 billion in October, from a record high of $22.59 billion in September. The deficit was to widen due to a pick-up in imports of goods ahead of the festive season and a hardening in commodity prices.
Non-petroleum, non-gems & jewellery exports stood at $26.09 billion
Earlier in October, non-petroleum and non-gems and jewellery exports stood at $26.09 billion, a year-on-year growth of 27.7 per cent. These saw an increase of 37 per cent as compared to October 2019.
Strong world demand in eight consumer goods categories – carpets, handicrafts, meat (including poultry and dairy products), spices, leather goods, plastics marine products and electronic goods – is expected to grow further in the future.