Exports zoom 67% to $32 bn in May
New Delhi INDIA's exports in April jumped nearly three-folds to $30.21 billion on account of healthy growth in key sectors including engineering, gems and jewellery, and petroleum products, even as trade deficit widened to $15.24 billion. Union Commerce Ministry released preliminary data on Sunday.
The country's merchandise exports were to the tune of $10.17 billion in April 2020. Trade deficit in that month was $6.92 billion. Imports too rose by over three-folds to $45.45 billion last month as against $17.09 billion in April 2020. "India's merchandise exports in April 2021 were $30.21 billion, an increase of 197.03 per cent over $10.17 billion in April 2020 and an increase of 16.03 per cent over $26.04 billion in April 2019," the ministry said in a statement.
In percentage terms, the growth rate in exports and imports are at record high, mainly due to base-effect. Due to the Covid-19 pandemic induced lockdown in 2020, exports shrank by a record 60.28 per cent in April 2020. In March this year, exports grew by 60.29 per cent to $34.45 billion. In April 2021, oil imports stood at $10.8 billion as compared to $4.65 billion in the corresponding month last year. Major export commodities which have recorded positive growth in April include gems and jewellery, jute, pharmaceuticals, carpet, handicrafts, leather, electronic goods, oil meals, cashew, engineering, petroleum products, marine products and chemicals. Exports of engineering, gems and jewellery, and petroleum products rose multifold to $5.55 billion, $3.3 billion, and $2.12 billion, respectively in April. Gold imports surged to $6.12 billion during the month under review as against $2.83 million in April 2020. Major commodity groups of import showing positive growth in April 2021 over the corresponding month of last year include electronic goods, transport equipment, minerals, machinery, textile yarn fabric, vegetable oil and iron, and steel. Commenting on the numbers, Federation of Indian Export Organisations (FIEO) President Sharad Kumar Saraf said that the impressive growth reflects that order booking position of exporters is extremely good and gradual improvement of situation in the country will push growth further.
