Exports Spike by 22.63% YoY in Sept; Indicates Healthy Economy

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Exports Spike by 22.63% YoY in Sept; Indicates Healthy Economy

By Malvika Gurung

Investing.com -- With economies across the world reviving and healthy industrial activities picking up in the country, the count of customer spending and global orders placed are now increasing especially during the festive season. All of these factors have contributed to a continuous spike in India’s export curve.

According to data released by the Ministry of Commerce and Industry on Thursday, India's merchandise exports grew by 22.63% year-on-year to $33.79 billion in September, as key sector performances in the country improved.

The country has shown impressive growth in exports since its pre-pandemic levels, up by 29.8% in September 2021, compared to the same period in 2019.

Cumulatively, India’s exports have risen by 57.53% in the April-September of FY22 to $197.89 billion compared to the same period last year. Additionally, the export results show a growth of 31.35% compared to 2019.

Export sectors like coffee, cashew, petroleum products, handloom, engineering, chemicals, man-made yarn/fabrics, gems and jewellery, plastic and marine products showed positive growth in September 2021.

While the export numbers of the country have spiked considerably compared to last year, similar trends can be witnessed in the import rates and trade deficits too.

Merchandise imports have spiked by 84.77% YoY to 56.39 billion in September. Similarly, the trade deficit for the month widened to $22.59 billion for September, up from $2.96 billion last month, attributing to an increase in imports of oil and gold .

While the gold imports shot up to $5.11 billion for September, up from $601 million last year, oil imports zoomed to 17.44 billion in September, compared to $5.83 billion a year before.

Experts state that increasing exports indicate improving signs for the economy, however, widening trade deficits must be taken care of.

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