New Delhi [India], February 2 (ANI): The overall exports of India grew by 5.4 per cent equivalent to USD 1.4 billion in January 2021 year-over-year (YoY), said the Ministry of Commerce and Industry.
The highest growth in exports has been observed in the engineering goods which is 18.7 per cent YoY amounting to USD 1.2 billion. The export of engineering goods to South Africa increased by 550 per cent YoY (USD 489.9 million) while the export for such goods to the United States increased by 16.3 per cent YoY (USD 160.7 million).
The surge in the export of drugs and pharmaceutical products was of 16.4 per cent YoY amounting to USD 292.6 million. The increase in export of pharma products to South Africa is of 67.9 per cent YoY (USD 33.1 million).
According to the Commerce Ministry, iron ore surged exponentially by 108.7 per cent YoY which is an increase of USD 274.6 million.
When it comes to overall imports, there has been an increase of USD 842 million during January 2021 which is just 2 per cent growth from January 2020. The overall imports plunged due to the sharp decline of imports of petroleum products by 27.7 per cent YoY which is a decrease of USD 3.6 billion.
Further, the imports of transport equipment also witnessed a negative trend with a decrease of 25.4 per cent YoY amounting to USD 561.9 million.
Putting together the export and import data, a narrow trade deficit by 3.6 per cent YoY which is equivalent to USD 545.3 has been observed for January 2021. (ANI)