NEW DELHI: India’s exports rose to a three-month high of 3.12 per cent to USD 36.92 billion in January despite global uncertainties including the Red Sea crisis, while the trade deficit narrowed to a nine-month low of USD 17.49 billion, the government data released on Thursday showed.
After recording negative growth for two months in a row, imports grew by about 3 per cent to USD 54.41 billion in January.
The previous low in trade deficit — the difference between imports and exports — was recorded in April 2023 at USD 15.24 billion. In January 2023, it was USD 17.03 billion.
Crude oil imports rose by 4.33 per cent to about USD 16.56 billion during the month under review. Gold imports jumped by about 174 per cent in January to USD 1.9 billion.
Cumulatively, exports during April-January this fiscal dipped by 4.89 per cent to USD 353.92 billion. Imports contracted by 6.71 per cent to USD 561.12 billion, leaving a trade deficit of USD 207.2 billion in the ten-month period of this fiscal as against USD 229.37 billion in April-January 2022-23.
Crude oil imports declined by about 15.91 per cent to USD 146.75 billion in April-January 2023-24 while gold imports surged 301.7 per cent to about USD 38 billion.
Briefing reporters on the data, Commerce Secretary Sunil Barthwal said that despite the Red Sea crisis, recession in economies of advanced countries, and falling commodity prices, India has recorded “positive growth in merchandise exports in January”.
Barthwal said that he has held three meetings with exporters, concerned ministries and stake holders on the Red Sea crisis.
The objective was to help the exporters navigate the difficult situation created in the Red Sea.
“We also try to tell banks that whatever maximum credit can be given during this period to our exporters that should be extended. Exim bank and ECGC was told not to increase insurance premium rates. This overall positive atmosphere which we create…Has helped in (promoting) the export growth,” he told reporters here.
“I assure you that we will be continuing our efforts by working with them, so that in the coming year also we are able to see a positive growth in our exports,” he said.
The commerce ministry has also set up a task force on non-tariff barriers to help exporters get greater market access.
With inputs from PTI.
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