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.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.