Exports of goods in February 2021 posted a marginal increase of 0.67 per cent (year-on-year) to $ 27.93 billion pulled up by sectors such as pharmaceuticals, coal & minerals, iron ore, chemicals, plastics, carpets and some farm products.
Imports increased a sharper 6.96 per cent during the month to $40.54 billion resulting in widening of trade deficit by 24.14 per cent to $12.62 billion, as per quick estimates of trade data released by the Commerce and Industry Ministry on Monday.
Total exports of goods in April-February 2020-21 declined 12.23 per cent to $256.18 billion. Total imports in April-February 2020-21 fell 23.11 per cent to $340.80 billion.
Positive signs
Exporters said while signs of further revival could be seen in the order booking positions and demand from across the globe, rising exports from China has led to the shortage of containers in the region.
“Most of the empty containers are available only for exports from China, as the shipping lines and container companies are being paid hefty premiums for bringing empty containers back to China,” pointed out Fieo President S K Saraf.
Engineering goods export saw a minor dip during this period but the trend could reverse given that most major economies have rolled out vaccination drives against Covid-19, said EEPC India Chairman Mahesh Desai.
Govt measures
“Measures by the government to rein in domestic steel prices and Production Linked Incentive schemes announced for various sectors are set to boost exports from the country,” he said.
Non-petroleum and non-gems and jewellery exports in February 2021 increased 5.84 per cent to $ 22.52 billion.
Non-oil imports in February 2021 were estimated at $ 31.56 billion which was 16.34 percent higher than same month last year.
Gold import during the month increased 123.9 per cent to $ 5.29 billion.
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