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ICICI Securities Report
India’s imports posted seventh double-digit contraction in September and 16th consecutive contraction barring one positive reading in February.
Imports declined 20% YoY to $30 billion on top of a 12% contraction twelve months ago.
During H1 FY21, India’s imports have contracted approximately 40% YoY.
In September, the decline in imports was broad based – 22 out of 30 broad categories recorded contraction while only eight categories of imports (such as agri products, electronic goods, pharma products) recorded positive growth.
Exports, on the other hand, showed early signs of revival. In September, exports grew 6% YoY to $27.5 billion.
This is the first positive growth in exports since March 2020 and highest YoY growth since April 2019. Average exports growth during H1 FY21 now stands at negative 21%.
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