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Indian exports register record growth in April, showcase a YoY increase of 197.03%

Post By : Karvi Rana
Post Date : May 3, 2021
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The merchandise exports for April rose to $30.21 billion from $10.17 billion a year earlier, registering a record growth in figures. Attributing the rise to the sharp growth in exports of gems and jewelry, engineering goods, and petroleum products, the data released by the trade ministry said the merchandise export recorded an increase of 197.03% as compared to April 2020 and an increase of 16.03% over USD 26.04 billion in April 2019.

India’s merchandise imports in April 2021 rose to $45.45 billion with an increase of 165.99% over USD 17.09 billion in April 2020 and an increase of 7.22% over USD 42.39 billion in April 2019.

“India is thus a net importer in April 2021 with a trade deficit of USD 15.24 billion, which increased by 120.34% over trade deficit of USD 6.92 billion in April 2020 and declined by 6.81% over trade deficit of USD 16.35 billion in April 2019, ” the statement from the ministry read.

The value of non-petroleum exports, in the same month, was USD 26.85 billion, registering a positive growth of 200.62% over USD 8.93 billion in April 2020 and positive growth of 19.44% over USD 22.48 billion in April 2019.

In April 2021, the value of non-petroleum and non-gems and jewelry exports also registered a positive growth and stood at USD 23.51 billion, an increase of 164.28% over USD 8.90 billion in April 2020 and a positive growth of 19.89% over USD 19.61 billion in April 2019.

In April 2021, oil imports were USD 10.8 billion, a positive growth of 132.26% compared to USD 4.65 billion in April 2020, and negative growth of 6.62 compared to USD 11.56 billion in April 2019.

Non-oil imports in April 2021 were estimated at USD 34.65 billion, showing an increase of 178.6% compared to USD 12.44 billion in April 2020 and an increase of 12.42% compared to USD 30.82 billion in April 2019.

Non-oil, non-GJ (gold, silver &Precious metals) imports were USD 26.05 billion in April 2021, recording a positive growth of 111.3%, as compared to non-oil and non-GJ imports of USD 12.33 billion in April 2020 and positive growth of 6.48% over USD 24.46 billion in April 2019.

The major export commodities which have recorded positive growth in April as compared to the corresponding year include gems and jewelry, jute, carpet, handicrafts, leather, electronic goods, oil meals, cashew, engineering, petroleum products, marine products, spices, vegetable and fruit, and chemicals

“The impressive growth reiterates our assessment that order booking position of our exporters is extremely good and with gradual improvement of the situation in the country, will push exports growth further,” said Sharad Kumar Saraf, President, Federation of Indian Export Organiations (FIEO), adding that the growth in labour-intensive sectors like gems & jewelry, handicrafts and carpets augur well for the job scenario, which is most relevant in the current context.

Major commodities of imports showing positive growth in April 2021 over the corresponding month of last year are Gold, Pearls, precious & Semi-precious stones, Sulphur & Unroasted Iron Pyrites, Electronic goods, Non-ferrous metals, Transport equipment, Artificial resins, plastic materials, etc, Petroleum, Crude & products, Machinery, electrical & non-electrical (113.73%), Textile yarn Fabric, made-up articles, Chemical material & products, Iron & Steel, Organic & Inorganic Chemicals, Fruits & vegetables, Coal, Coke & Briquettes, etc, Medical. & Pharmaceutical products, Cotton Raw & Waste and Fertilisers, Crude & manufactured.

Major commodity groups of imports showing negative growth in April 2021 over the corresponding month of last year are Silver, Newsprint, and Pulses.

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