India’s Oct YoY merchandise exports up by 43%; Imports rise 62%

New Delhi, Nov 15 (SocialNews.XYZ) India's October merchandise exports rose to $35.65 billion, higher by 43.05 per cent on a year-on-year basis, official data showed on Monday.

Exports during October 2020 stood at $24.92 billion.

The data by the Ministry of Commerce and Industry showed that in comparison to October 2019, last month's exports rose by 35.89 per cent.

"Non-petroleum and non-gems and jewellery exports in October 2021 were $26.09 billion, as compared to $20.43 billion in October 2020, registering a positive growth of 27.75 per cent," the Ministry said.

"As compared to October 2019, non-petroleum and non-gems and jewellery exports in October 2021 registered a positive growth of 36.82 per cent."

Similarly, India's merchandise imports in October 2021 increased, rising by 62.51 per cent over last year to $55.37 billion from $34.07 billion.

"Oil imports in October 2021 were $14.43 billion which was 140.47 per cent higher in dollar terms, compared to $6 billion in October 2020. Non-oil imports in October 2021 were estimated at $40.94 billion which was 45.85 per cent higher in dollar terms, compared to $28.07 billion in October 2020."

"Non-Oil and Non-Gold imports were $35.84 billion in October 2021, recording a positive growth of 40.14 per cent, as compared to non-oil and non-gold imports of $25.57 billion in October 2020. Non-Oil and Non-Gold imports in October 2021 recorded a positive growth of 35.66 per cent over October 2019."

Consequently, trade deficit widened by 115.50 per cent on a year-on-year basis to $19.73 billion in September 2021 from $9.15 billion in the like period of 2020.

It had widened to $11.75 billion in October 2019.

Source: IANS