At $22.6 Billion In September, Trade Deficit Widens To Highest Level In 14 Years
The country’s merchandise trade deficit – the gap between imports and exports, widened to a record $22.6 billion in September 2021 – the highest level in at least around 14 years, according to news agency Reuters.
Trade Deficit Data In September 2021: Here’s All You Need To Know
The country’s overall exports (merchandise and services) rose 21.44 per cent to $54.06 billion in September from $44.52 billion in the corresponding month last year, while overall imports grew 70 per cent to $68.49 billion from $40.29 in the year-ago period, according to government data released on Thursday.
Merchandise exports rose 22.60 per cent to $33.79 last month from $27.56 in the same month last year, while merchandise imports grew 84.76 per cent to $56.39 billion from $30.52 in the year-ago period, according to data by the commerce industry today. The purchases of crude oil and gold pushed imports to record-high levels last month.
The foreign trade data for September 2021 is an estimation, and will be revised based on the Reserve Bank of India’s subsequent release, said the commerce ministry.
The overall exports in the April-September period is estimated at $312.47 billion, marking a growth of 40.52 per cent over the corresponding period last year, and a growth of 18.30 per cent compared to the April-September period in 2019 (pre-Covid era).
In terms of exports, the major groups of commodities exhibiting growth in September 2021 are coffee, cashew, petroleum products, cotton/yard. handloom products, engineering goods, among others.
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