Economy

Goods exports in March surge 58.23% to $34 billion

Our Bureau New Delhi | Updated on April 01, 2021

March 2021 had the highest ever exports in Indian history   -  REUTERS

Exports in April-March 2020-21 fall 7.4%; imports decline 18.07%

Goods exports in March 2021 jumped 58.23 per cent (year-on-year) to $34 billion — the highest ever monthly export figure — propelled by sectors such as engineering goods, gems & jewellery and pharmaceuticals, per preliminary data shared by the Commerce & Industry Ministry on Thursday.

Total exports in April-March 2020-21 are at an estimated $289.92 billion, which is 7.4 per cent lower than exports worth $313.36 billion in April-March 2019-20.

Imports in March 2021 increased 52.89 per cent to $48.12 billion, with gold imports alone accounting for rise of $7.17 billion (584.2 per cent rise), while trade deficit was at $ 14.12 billion, according to the preliminary numbers.

Imports for the entire April-March 2020-21 period can be estimated at $388.92 billion which is about 18.07 per cent lower than imports of $474.71 billion in the previous fiscal.

These numbers would, however, change if the quick estimates of March 2021 released by the Commerce & Industry Ministry in two weeks time are significantly different from the preliminary data.

“March 2021 had the highest ever exports in Indian history,” according to information shared by the Ministry.

The numbers gel with WTO’s latest projection for growth in world trade (in volume terms) in 2021 at 8 per cent. According to the projections, both the US and the EU, that are key markets for India, will post robust increase in imports.

Exports in February had declined marginally by 0.25 per cent to $27.67 billion.

Exports excluding POL (Petroleum, Oil and Lubricants), have also increased in March 2021 over same period of previous year by 62.30 per cent, the preliminary data revealed. Imports excluding petroleum have increased in this period by 77.12 per cent.

Engineering goods

Engineering goods exports in March 2021 increased by $3.81 billion posting a 70.28 per cent rise while gems & jewellery increased by $1.52 billion (75.57 per cent) and pharmaceuticals grew by $732.28 million (47.37 per cent).

While import growth in March 2021 was led by gold, other items showing a significant rise included electronic goods which shot up by $2.5 billion (76.66 per cent increase) and machinery by $1.3 billion (59.92 per cent increase).

A decline in exports in March 2021 was suffered by items including oilseeds and cashew while imports declined significantly for transport equipment, project goods and silver.

Published on April 01, 2021

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