India’s outbound shipments rose for the first time in seven months with merchandise exports registering a 6% growth in September—higher than 5.3% suggested by provisional data released earlier--driven mostly by an increase in demand for engineering goods, petroleum products, pharmaceuticals and readymade garments.
Major export commodities that grew in September include iron ore (109.7% at $303.42 million), ready-made garments (10.2% at $1.19 billion), rice (93.9% at $725.14 million), and drugs and pharmaceuticals (24.4% at $2.24 billion).
Since, March of this year, both exports and imports started declining in high double digits, even temporarily leading to a trade surplus in June for the first time in 18 years.
Aditi Nayar, principal economist, ICRA Ltd, said that decline in gold imports in September suggests the pent up demand related to the lockdown period has been mollified. “However, imports may rise in the next two months with the festive and marriage season coming up, as well as the potential of a rise in rural demand after the kharif harvest.”
According to data released by the commerce and industry ministry on Monday, exports stood at $32.55 billion in March, taking the total tally in 2018-19 to $331 billion. While it is the first time that outbound trade has remained above $300 billion for two consecutive years, exports couldn't cross the government’s internal target of $350 billion. In the 2017-18 financial year, exports stood at $303.52 billion.
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