Exports up 3.74% in Jan, trade deficit narrows to $14.73 bn

New Delhi, February 15 

The country’s exports grew marginally by 3.74% in January due to subdued performance of key sectors, including engineering, leather, and gems and jewellery, even as the trade deficit narrowed to $14.73 billion.

According to data from the Commerce Ministry, exports during the month increased to $26.36 billion, compared with $25.41 billion in January 2018. Exports growth remained almost flat in November and December 2018.

In January, engineering exports grew by only 1%, while leather, and gems and jewellery recorded a growth of 0.33% and 6.67%, respectively. Exports of petroleum products shrinked by 19%.

Imports also remained almost flat at $41 billion during the last month. The trade deficit stood at $15.67 billion in January 2018.

However, the deficit in January 2019 widened as compared to December 2018 when it stood at $13 billion.

Federation of Indian Export Organisations (FIEO) president Ganesh Kumar Gupta said the nominal growth in exports is due to tough global condition and some constraints on the domestic front.

“Global trade growth is slowing down and global economies, including China and South East Asian nations, are also facing contraction in manufacturing worsening the fragile global situation,” he said.

He demanded immediate support, including augmenting the flow of credit, higher tax deduction for research and development and better fiscal support for boosting exports. — PTI

Rise to $26.36 billion

• According to data from the Commerce Ministry, exports during January increased to $26.36 billion, compared with $25.41 billion in January 2018
• Engineering exports grew by only 1%, while leather, and gems and jewellery recorded a growth of 0.33% and 6.67%, respectively
• However, trade deficit in January 2019 widened as compared to December 2018 when it stood at $13 billion