India’s exports up 10.9% in first two weeks of January

New Delhi: India’s exports grew 10.92% year-on-year to $11.81 billion in the fortnight ended January 14, pushed by a progress in prescription drugs, electronics and engineering sectors, indicating a revival in exercise.

Imports in the January 1-14 interval have been up 6.58% at $18.02 billion led by gold, and pearls, valuable and semi-precious stones.

Gold imports witnessed a $452.1 million rise in the interval.

In the week ended January 14, exports have been $5.61 billion, up 5.59% over the identical interval of earlier yr and imports rose 12.28% to $9.32 billion.

After a spot of three months, India’s exports witnessed progress in December when outbound shipments grew 0.14% to $27.15 billion buoyed by meals merchandise, electronics and prescription drugs.

In the first two weeks of January, export excluding petroleum, oil and lubricants elevated 16.07% on-year whereas imports excluding petroleum rose 18.78%.

“Thus, India is a net importer in trade during the second week of January 2021,” mentioned an official.

Among geographies, the US was the highest vacation spot for India’s exports with a rise of $254.74 million adopted by the UK and Indonesia. The steepest decline in exports have been witnessed in petroleum merchandise, readymade clothes of all textiles and leather-based.

On the opposite hand, the UK, China and Singapore have been the highest sources of India’ imports in the first two weeks.

Non-oil, non-gems and Jewellery imports, an indicator of the energy of home demand, rose 13.13% through the interval.

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