India’s merchandise exports increased to 42%

India’s merchandise exports increased to 42%

Introduction:

Meaning of Merchandise imports-exports:

  • Some tangible items or commodities which are exported or imported are known as Merchandise import-exports.
  • If imports are more than exports it is called trade-deficit and vise-a-versa if exports are more than imports then it is called trade surplus.

Current scenario:

In October 2021, India’s merchandise imports were at 55.37 billion US dollar which is increasing by 62.49% over 34.07 billion US dollar in October 2020 and an increase of 45.76% over 37.99 billion US dollar in October 2019. India’s merchandise exports in the month which was under review was 35.47 billion US dollar, an increase of 42.33% over 24.92 billion US dollar in October 2020 and an increase of 35.21% over 26.23 billion US dollar in October 2019.

The trade deficit was 19.9 billion US dollar in October 2021, while it was 98.71 billion US dollar during April-October 2021.

As per the Ministry of Commerce & Industry data, India’s merchandise imports in April-October 2021 was 331.29 billion US dollar, an increase of 78.71%  over 185.38 billion US dollar in April-October 2020 and an increase of 15.81% over 286.07 billion US dollar in April-October 2019. While India’s merchandise exports in April-October 2021 was 232.58 billion US dollar which shows an increase of 54.51% over 150.53 billion US dollar in April-October 2020 and an increase of 25.45% over 185.4 billion US dollar in April-October 2019.

Non-oil, non-GJ (Gold, Silver & Precious Metals) imports were 196.07 billion US dollar in April-October 2021 which records a positive growth of 50.91%, as compared to non-oil and non-GJ imports of 129.92 billion US dollar in April-October 2020.

Conclusion:
The top 10 major commodity groups which are getting over more than 80% of total exports, have shown positive growth in October 2021 over the corresponding month of the previous year.

Question & Answer:

Q1.  How much total merchandise exports in the first half of year?

Ans. 197.11 billion US dollar

Q2. Who is the minister of Ministry of Commerce & Industry?

Ans. Piyush Goyal

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