New Delhi: Despite the supply disruptions caused by the outbreak of Omicron variant of the SarS-CoV-2 virus, India’s exports in January have registered a strong growth of more than 36 per cent in January this year in comparison with the exports during the same month last year, showed the latest trade data released Tuesday.
The country’s overall exports, including both merchandise and services exports, in January 2022 have been estimated $61.41 Billion, exhibiting a positive growth of 36.76 per cent over the same period last year and a positive growth of 38.9 per cent over January 2020 when the Covid-19 global pandemic had not hit the country. However, the country’s imports also continue to rise but not at the same pace.
In January the overall imports are estimated at $67.76 billion, an increase 30.54 per cent over the same period last year and a growth of 30.19 per cent over January 2020.
Merchandise trade
India’s merchandise export was $34.50 billion in January 2022 as against $27.54 billion in January last year and export of $25.85 billion in January 2020. Similarly, India’s merchandise imports have been estimated at $51.93 billion in January 2022 as against imports of $42.03 billion in January last year and imports of $41.15 billion in January 2020.
Export, import of services
In January this year, India’s services export was $26.91 billion as against export of $17.37 billion in January last year and export of $18.36 billion in January 2020. In January this year, the services export registered a massive increase of nearly 55 per cent. During the same month, India’s services import was $15.83 billion as against services import of $9.88 billion in January last year and services import of $10.90 billion in January 2020.
As is the case with the services export, in January this year, the services import registered a massive increase of over 60 per cent. If one looks at overall trade data, then India’s cumulative export of merchandise plus services has been estimated at $61.41 billion in January this year as against the export of $44.90 billion in January last year and export of $44.21 billion in January 2020. Similarly, India’s cumulative imports of merchandise and services have been estimated at $ 67.76 billion in January this year as against the import of $51.91 billion in January last year and import of $52.05 billion in January 2020.
Trade deficit narrows
If one looks at the trade balance, the difference between the imports and exports, then India’s trade deficit, the difference between import and export narrows to $6.35 billion in January this year as against the trade deficit of $7 billion in January last year and $7.83 billion January 2020.
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