India's Dec merchandise exports rise 38.91% y/y - trade ministry

Friday,   14-Jan-2022   01:43 PM (IST)

India’s merchandise exports and imports surged to record highs in December, indicating further firming up of demand even as the Omicron-fuelled coronavirus wave started disrupting some global activities last month. Merchandise exports rose to $37.81 billion in December, up from $30.04 billion in November. It jumped 38.9% from $27.11 billion a year earlier to log the 13th straight month of annual gain, government data showed today. Imports surged 38.6% from a year earlier to $59.48 billion in December, indicating strong domestic demand. It rose from $52.94 billion in November. Trade deficit in December was at $21.68 billion, narrowing from record $22.91 billion in the previous month, but it widened from $15.72 billion a year earlier. The trade gap in the first nine months of this fiscal year that started Apr. 1 was at $142.44 billion, sharply higher than $61.38 billion in the comparable year earlier period. For April to December, India's merchandise exports totalled $301.38 billion, up 49.7% on year, while imports gained 68.9% on year to $443.82 billion. Trade performance was affected by the Covid-19 pandemic in the last fiscal year as global demand shrivelled following lockdowns in several countries that also triggered wide scale supply disruptions. Non-petroleum and non-gems and jewellery exports and imports were at $28.92 billion and $35.47 billion, respectively, up 29.7% and 34.3% from a year earlier. Electronic goods imports rose 27.6% on year to $6.43 billion in December, while it stood at $5.71 billion in November. Engineering goods exports spiked to $9.79 billion in December from $7.07 billion a year earlier. It stood at $8.08 billion in November. Petroleum products exports soared to $5.89 billion in December from $2.34 billion a year earlier. It stood at $3.96 billion in the previous month. Gems and jewellery exports rose to about $3 billion from $2.58 billion a year earlier. It stood at $2.39 billion in November. Gold imports were at $4.73 billion in December, up from $4.49 billion a year earlier. It was at $4.22 billion in the previous month. Vegetable oil imports surged 50.9% on year to $1.83 billion. It also rose from $1.75 billion in November. Coal, coke and briquettes imports also jumped to $2.80 billion last month from $1.62 billion a year earlier. It also increased from $3.58 billion in November.