Exports from India marked growth for the fifth straight month in January with an increase of 4.32 percent. Exports from the country was worth USD 22.11 billion in January, which was at USD 21.19 billion in the same month of 2016, as per commerce ministry data.
India’s higher exports during the month is mainly due to the increase in shipments of petroleum products, engineering goods and iron ore.
In the ongoing financial year from April-January period, exports grew marginally by 1.05 percent to USD 220.92 billion. But the export growth during last month was lower than 5.72 per cent recorded in December.
Trade deficit of the country for January 2017 was $9.84 billion when compared to $7.66 billion in January 2016 but marginally down from $10.37 billion in December 2016.
Imports by the country also rose by 10.70 percent to USD 31.95 billion in January. Oil imports were valued at USD 8.14 billion during January which is 61.07 percent higher than same period last year. But Gold imports slipped during the month by 29.94 percent to USD 2.04 billion from USD 2.91 billion in the same month last year due to the lower demand following demonetization.