Economy

Exports jump 45.13 per cent in first three weeks of July

Our Bureau New Delhi | Updated on July 23, 2021

Petroleum, gems & jewellery, engineering goods drive growth

Export of goods in the first three weeks of July 2021 have shot up by 45.13 per cent (year-on-year) to $22.48 billion, propelled by the petroleum, gems & jewellery and engineering goods sectors.

Excluding petroleum, oil and lubricants (POL), the export of all other goods increased by 34.11 per cent in the July 1-21 period, indicating that the spurt in shipments was not just on account of a rise in petroleum products.

Imports in the first three weeks of July 2021 posted a sharper increase of 64.82 per cent to $31.77 billion, according to weekly estimates released by the Commerce & Industry Ministry on Friday.

Imports, excluding petroleum, increased 53.79 per cent in the period, compared to the same period last year.

The Commerce Ministry has also compared exports in July 1-21, 2021, with exports in the same period of 2019-20 to indicate the increase that may not be attributable to the low base in 2020-21 due to the pandemic-induced slowdown.

Exports of goods in the first three weeks of July 2021 were 25.42 per cent higher than exports over the same period of 2019-20. Exports, excluding POL, were also 24.81 per cent higher over the same period of 2019-20.

India’s goods exports in June 2021 increased 48.34 per cent (year-on-year) to $32.50 billion. In the April-June 2021 period, the cumulative value of exports was $95.39 billion, the highest ever merchandise exports in a quarter, posting an increase of 85.88 per cent (year-on-year).

Exports will need to keep up the growth momentum in the entire fiscal year to achieve the target of $400 billion set by the government for 2021-22.

Exports declined by 7.26 per cent to $290.63 billion in the fiscal year April-March 2021 as Covid-19 disruptions slowed down production and demand worldwide.

Published on July 23, 2021

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