Exports jump 43 percent to USD 35.65 billion in October, imports soar 62 %

India’s exports rose by 43 percent to USD 35.65 billion in October while the trade deficit widened to USD 19.73 billion during the month.

Imports soared by 62.51 percent to USD 55.37 billion widening the trade deficit. Export sectors that recorded positive growth during October include petroleum, coffee, engineering goods, cotton yarn/fabs./made-ups, gems and jewelry, chemicals plastic and linoleum, and marine products, the data showed.

Cumulatively exports during April-October 2021 stood at USD 233.54 billion, which is an increase of 55.13 percent compared to the same period last year. During the same period, imports rose by 78.16 percent to USD 331.39 billion.
Oil imports in October jumped to USD 14.43 billion as against USD 6 billion in the same month last year. The imports expanded to USD 87.42 billion during April-October 2021.

Gold imports doubled to USD 5.1 billion during the month under review from USD 2.5 billion. Outward shipments of engineering goods, which accounted for 28.19 percent of total exports in October, increased by about 51 percent year-on-year to USD 9.4 billion. Exports of petroleum products too touched USD 5.33 billion.
Gems and jewelry exports rose by 44.24 percent to USD 4.22 billion. Commenting on the data, the Federation of Indian Export Organisations (FIEO) said that the export figures signify the importance of opening up and further recovery of economies across the globe coupled with buoyant order booking positions across sectors.

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Container Logistics Made Easy

3. The issues related to the augmentation of container availability for EXIM trade were discussed as under:

* Duty-free period for keeping the container in India be increased from 6 months to 1 year
* Release of abandoned, detained/seized containers by Customs
* Conversion of containerized cargo to bulk and break-bulk wherever possible
* Measures by Dept of Commerce and Ministry of Railways to improve container availability for EXIM trade
* Reducing the Turnaround Time of containers to a bare minimum; the action points were integration with CFSs & ICDs for tracking the container inventory on daily basis, integration of empty yards and maintenance yards to monitor the movement of empty containers, integration with CFSs & ICDs of CONCOR, it was pointed out
* Promotion of procurement and domestic production of containers. CONCOR informed that a tender has been opened for the procurement of 6,000 containers. Further, it has got approval to procure 1,000 containers each from two PSUs i.e. BHEL & Braithwaite
* It was also stated that some shipping lines have announced additional tonnage from India