FX RATES
FX RATES

India’s Import Valued At USD 68.49 Billion A 70% Increase

Overall imports in September 2021 are estimated to be USD 68.49 Billion, exhibiting a positive growth of 70% over the same period last year and a positive growth of 44.11 per cent over September 2019.

India’s overall exports (Merchandise and Services combined) in September 2021 are estimated to be USD 54.06 Billion, exhibiting a positive growth of 21.44 per cent over the same period last year and a positive growth of 26.03 per cent over September 2019.

Overall imports in September 2021 are estimated to be USD 68.49 Billion, exhibiting a positive growth of 70% over the same period last year and a positive growth of 44.11 per cent over September 2019.

Aditi Nayar, Chief Economist, ICRA Limited, “The sharp rise in the merchandise trade deficit in September 2021 reflects an element of inventory stocking ahead of the festive season as well as advancement of crude oil purchases in light of the looming hardening of prices. While we do expect the trade deficit to moderate in the subsequent months, it is expected to range between US$13-16 billion per month in H2 FY2022.”

“Half of the merchandise trade deficit in H1 FY2022 is on account of petroleum products, with another one fourth pertaining to the net precious deficit, i.e. imports of precious metals and stones less exports of gems and jewelery. With the ballooning in the merchandise trade deficit in September 2021, combined with the rising prices of various groups of commodity imports, we now expect the FY2022 current account deficit to print at around US$25-28 billion,” Aditi Nayar added.

India’s overall exports (Merchandise and Services combined) in April-September 2021* are estimated to be USD 312.47Billion, exhibiting a positive growth of 40.52per cent over the same period last year and a positive growth of 18.30per cent over April-September 2019. Overall imports in April-September 2021* are estimated to be USD 341.10Billion, exhibiting a positive growth of 64.91per cent over the same period last year and a positive growth of 9.31per cent over April-September 2019.

Exports in September 2021 were USD 33.79 Billion, as compared to USD 27.56 Billion in September 2020, exhibiting a positive growth of 22.63 per cent. In Rupee terms, exports were Rs. 2,48,605.74 Crore in September 2021, as compared to Rs. 2,02,508.54 Crore in September 2020, registering a positive growth of 22.76 per cent. As compared to September 2019, exports in September 2021 exhibited a positive growth of 29.86 per cent in Dollar terms and 33.92per cent in Rupee terms.

The commodities/commodity groups which have recorded positive growth during September 2021 vis-à-vis September 2020 areCoffee (62.55%), Cashew (49.4%), Petroleum products (47.91%), Cotton yarn/fabs./made-ups, handloom products etc. (40.5%), Engineering goods (36.83%), Organic & inorganic chemicals (29.65%), Man-made yarn/fabs./made-ups etc. (26.49%), Electronic goods (26.33%), Other cereals  (21.18%), Fruits & vegetables (21.13%), Gems & jewellery (19.71%), Plastic & Linoleum (18.61%), Jute mfg. including floor covering (16.04%), Marine products (12.67%), RMG of all textiles (9.24%), Mica, Coal & other ores, minerals including processed minerals (8.82%), Leather & leather products (7.41%), Cereal preparations & miscellaneous processed items (5.64%), Rice (5.62%), Carpet (4.42%), Tea (3.2%) and Handicrafts excl. handmade Carpet (2.29%).

 

 

 

 

 

News Source : Indianfoline.com

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