Exports Rise 3.12 Per Cent To $36.92 Billion In January; Trade Deficit At $17.49 Billion

Commerce Secretary Sunil Barthwal expressed optimism despite global challenges, noting that the country has managed to maintain positive growth in exports

Petroleum products exports saw growth of 6.57 per cent, reaching $8.21 billion, while engineering goods exports increased by 4.20 per cent to $8.77 billion. ( Image Source :Getty )

The latest data released by the government reveals a notable increase in the country's exports, defying global uncertainties. According to official figures, India's exports surged by 3.12 per cent year-on-year (YoY) to reach $36.92 billion in January. In contrast, imports also experienced a modest uptick, rising by about 3 per cent to $54.41 billion during the same period. As a result, the trade deficit for January 2024 stood at $17.49 billion.

Commerce Secretary Sunil Barthwal expressed optimism despite global challenges, noting that the country has managed to maintain positive growth in exports.

Key sectors driving the growth in merchandise exports for January 2024 include Petroleum Products, Engineering Goods, Iron Ore, Electronic Goods, and Drugs and Pharmaceuticals.

As per the release by the commerce ministry, petroleum products exports saw growth of 6.57 per cent, reaching $8.21 billion. Engineering Goods exports increased by 4.20 per cent to $8.77 billion. Electronic goods exports registered a significant growth of 9.31 per cent at $2.30 billion. Exports of drugs and pharmaceutical products reached $2.13 billion, marking a 6.84 per cent increase.

Moreover, agricultural exports, including tobacco, meat, dairy and poultry products, spices, cereal preparations and miscellaneous processed items, oil meals, oil seeds, and fruits and vegetables, continued to expand in January 2024.

In a positive development, the overall trade deficit showed improvement, decreasing by 37.11 per cent from $111.99 billion in April-January 2022-23 to $70.43 billion in April-January 2023-24. Merchandise trade deficit also saw a decline of 9.66 per cent during the same period.

However, India's overall exports (Merchandise and Services combined) for April-January 2023-24 are estimated at $638.37 billion, reflecting a slight decline of (-) 0.19 per cent compared to April-January 2022-23. Similarly, overall imports during the same period recorded a decrease of (-) 5.69 per cent, totaling $708.79 billion.

The data indicates a mixed picture for India's trade performance, with certain sectors showing resilience amidst global challenges while others experience slight contractions.