The country’s exports grew 5.37 percent YoY to $27.24 billion in January 2021, mainly driven by healthy growth in the pharma and engineering sectors, according to provisional data of the commerce ministry.
The trade deficit during the month narrowed to $14.75 billion from $15.3 billion in January 2020. It was $15.44 billion in December 2020.
Imports in January 2021 rose 2 percent to $42 billion. Exports of pharmaceuticals and engineering grew 16.4 percent ($293 million), and about 19 percent ($1.16 billion), respectively, the data showed.
The other sectors which recorded healthy growth include oil meals (253 percent), Iron ore (108.66 percent), tobacco (26.18 percent), rice (25.86 percent), fruits and vegetables (24 percent), carpet (23.69 percent), handicrafts (21.92 percent), spices (20.35 percent), ceramic products and glassware(19 percent), tea (13.35 percent), cashew (11.82 percent), plastic (10.42 percent), and chemicals (2.54 percent).
Export sectors that recorded negative growth include petroleum products (-37.34 percent), ready-made garments of all textiles (- 10.73 percent), and leather (- 18.6 percent). In December 2020 also, the country’s merchandise exports recorded a growth of 0.14 percent.