Exports rise 5.37% in Jan; trade deficit narrows to $14.75 billion

The country's exports grew 5.37% year-on-year to USD 27.24 billion in January 2021, mainly driven by healthy growth in pharma and engineering sectors, according to provisional data of the commerce ministry.

Trade deficit during the month narrowed to USD 14.75 billion from USD 15.3 billion in January 2020. It was USD 15.44 billion in December 2020.

Imports in January 2021 rose 2% to USD 42 billion.

Exports of pharmaceuticals and engineering grew 16.4% (USD 293 million), and about 19% (USD 1.16 billion), respectively, the data showed.

The other sectors which recorded healthy growth includes oil meals (253%), Iron ore (108.66%), tobacco (26.18%), rice (25.86%), fruits and vegetables (24%), carpet (23.69%), handicrafts (21.92%), spices (20.35%), ceramic products and glassware (19%), tea (13.35%), cashew (11.82%), plastic (10.42%), and chemicals (2.54%).

Export sectors which recorded negative growth include petroleum products (-37.34%), ready-made garments of all textiles (- 10.73%), and leather (- 18.6%).