Indian exports grow by 5.4% in January 21

The highest growth in exports has been observed in the engineering goods which is 18.7 per cent YoY amounting to $1.2 billion.

New Delhi: The overall exports of India grew by 5.4 per cent equivalent to $1.4 billion in January 2021 year-over-year (YoY), said the Ministry of Commerce and Industry.

The highest growth in exports has been observed in the engineering goods which is 18.7 per cent YoY amounting to $1.2 billion. The export of engineering goods to South Africa increased by 550 per cent YoY ($489.9 million) while the export for such goods to the United States increased by 16.3 per cent YoY ($160.7 million).

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The surge in the export of drugs and pharmaceutical products was of 16.4 per cent YoY amounting to $292.6 million. The increase in export of pharma products to South Africa is of 67.9 per cent YoY ($33.1 million).

According to the Commerce Ministry, iron ore surged exponentially by 108.7 per cent YoY which is an increase of $274.6 million. When it comes to overall imports, there has been an increase of $842 million during January 2021 which is just 2 per cent growth from January 2020. The overall imports plunged due to the sharp decline of imports of petroleum products by 27.7 per cent YoY which is a decrease of $3.6 billion.

Further, the imports of transport equipment also witnessed a negative trend with a decrease of 25.4 per cent YoY amounting to $561.9 million. Putting together the export and import data, a narrow trade deficit by 3.6 per cent YoY which is equivalent to $545.3 has been observed for January 2021.