Merchandise exports fall 2.4% to $36.43 bn in Jan

India's merchandise exports fell 2.38% to $36.43 billion in January, but with 24% projected growth in services export, the country's overall exports (goods and services combined) in the month is estimated to grow by 9.7% to $74.97 billion, according to government data.

- Rajeev Jayaswal

NEW DELHI: India's merchandise exports fell 2.38% to $36.43 billion in January, but with 24% projected growth in services export, the country's overall exports (goods and services combined) in the month is estimated to grow by 9.7% to $74.97 billion, according to government data. Speaking about January trade data, commerce secretary Sunil Barthwal on Monday said the merchandise exports dipped in January because of a fall in prices of petroleum products. "If you look at our non-petroleum exports in January alone, you will find that there is an increase of 14.47%," he said.

According to the commerce ministry's data, India's non-petroleum merchandise exports in January was $32.86 billion as compared to $28.71 billion in the same month of previous year.

While India's exports declined for the third month in a row in January, imports jumped by 10.28% in the same month on an annualised basis at $59.42 billion mainly on gold demand.