Bringing shine into the new fiscal, Indian goods exports posted a 297.2 per cent increase (year-on-year) in the first seven days of April 2021-22 to $6.79 billion, led by engineering goods, gems and jewellery, and petroleum products.

Imports during April 1-7 increased 244.2 per cent to $ 9.66 billion, owing largely to a spurt in import of petroleum and crude and electronics, according to initial data collated by the Commerce and Industry Ministry.

The US and China accounted for most of India’s rise in exports during the seven-day period, while the UAE and China were responsible for a large part of the increase in imports, the data showed.

Key factor

Much of the rise in exports in the first week of April of 2021-22 could be attributed to a low-base effect, as exports in the first week of April had fallen 72.7 per cent to $1.71 billion due to the Covid-19 lockdown.

However, exports in April 1-7 were higher by 8.42 per cent even when compared to exports in the comparable period of 2019-20 ($6.27 billion) when there were no pandemic-related disruptions.

Imports in April 1-7 2021-22 were low by a marginal 0.65 per cent compared with exports in the comparable period of 2019-20.

Due to the Covid-19 pandemic, India’s exports took a sharp hit last year falling an estimated 7.4 per cent in April-March 2020-21 to $289.92 billion.

Exporters have, however, recently reported that order books have started turning positive and there is freshinterest in in Indian products.

In March 2021, India reported the highest monthly rise ever with exports increasing 58.23 per cent to $34 billion.

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