Exports grow 16% in first week of January

Exports grow 16% in first week of January

Also, weekly growth can quickly reverse as well. Nevertheless, it’s an encouraging sign.Also, weekly growth can quickly reverse as well. Nevertheless, it’s an encouraging sign.

Merchandise exports grew 16.2%, year on year, in the first week of January, while imports rose 1.1%, a senior commerce ministry official said on Monday.

However, hit by the pandemic, exports have already witnessed a roller-coaster ride this fiscal. Rising 6% in September, the first expansion since February, outbound shipments faltered by 5.1% in October and 8.7% in November before the contraction narrowed again, to 0.8%, in December. Also, weekly growth can quickly reverse as well. Nevertheless, it’s an encouraging sign.

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Engineering goods exports rose as much as 51.8%, accounting for over 75% of the incremental exports between January 1 and 7. Petroleum exports rose by 17.3%. However, exports from some of the labour-intensive sectors continued to bleed. For instance, exports of garments dropped by 26% and yarn by 22% in the first week of January. Chemicals (both organic and inorganic) exports also dropped, by 5.5%.

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