Merchandise exports up by 45 per cent, but trade deficit doubles

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India’s merchandise exports of India grew 42.33% to $35.47 billion in October 2021, against $24.92 billion in October last year. However, trade deficit widened to $19.90 billion, marking a rise of 117.38%.

According to the Preliminary data released by the commerce ministry, non-petroleum exports accounted for $30.27 billion of the overall merchandise exports, registering a positive growth of 29.63%, over $23.35 billion seen in the year-ago period.

Non-petroleum and non-gems and jewellery exports made up $26.05 billion of the total exports last month, registering a positive growth of 27.54% over $20.43 billion seen a year ago, driven by engineering goods, petroleum products, gems and jewellery, organic and inorganic chemicals and textiles.

Meanwhile, merchandise imports increased 62.49% to $55.37 billion in October 2021, as against $34.07 billion in October 2020, and $37.99 billion in October 2019.

Apart from the high crude oil imports, Coal and gold imports more than doubled during October, rising by nearly 119% and 104%, respectively, in comparision with the same period a year ago.

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