Post Date : April 2, 2021
India’s merchandise exports and imports in March 2021 has shown a growth of more than 50% each as compared to last year.
The exports in March valued at USD 34.0 billion as compared to USD 21.49 billion in March 2020, and showed an increase of 58.23%. Meanwhile, imports have shown an increase of 52.9% and reached USD 48.12 billion as compared to USD 31.47 billion in March 2020.
The high growth came over a low base of March 2020 when exports collapsed 35% and imports plummeted 29% as many countries worldwide, including India, went into lockdowns to control the spread of the coronavirus. However, in terms of value, both exports and imports improved significantly from February. Exports and imports stood at $28 billion and $41 billion respectively in February.
“This is the highest-ever exports in Indian history, both in terms of value and growth,” a commerce ministry official said under the condition of anonymity.
During March, the value of non-petroleum exports was USD 30.79 billion as compared to USD 18.97 billion in March 2020, registering a positive growth of 62.3%. The value of non-petroleum and non-gems and jewelry exports in March 2021 was USD 27.25 billion, as compared to USD 16.95 billion in March 2020, registering a positive growth of 60.72%.
The cumulative value of non-petroleum and non-gems and jewelry exports in April-March2020-21 was USD 238.54billion, as compared to USD 236.17 billion for the corresponding period in 2019-20, exhibiting a growth of 1.0%.
For the same month, Oil imports were USD 10.17 billion, as compared to USD 10.05 billion in March 2020, a growth of1.22%. Oil imports in April-March2020-21 were USD 82.25 billion, as compared to USD 130.55 billion, showing a decline of 37.0%.
While non-oil imports in March 2021 are estimated at USD 37.95 billion, as compared to USD 21.42 billion in March 2020, showing an increase of 77.12%. Non-oil imports in April-March 2020-21 were USD 306.67 billion, as compared to USD 344.16 billion, registering a decline of 10.89% during the same period of the last year.
While most commodities showed an upward trend in both the exports as well as imports. Oil Seeds (-6.6%) and Cashew (-1.95%) remained the two commodities of which export have recorded negative growth during March 2021 vis-à-vis March 2020.
Major commodity groups of import showing negative growth in March 2021 over the corresponding month of last year are: Silver (-90.22%), Newsprint (-50.66%), Transport equipment (-32.73%), Project Goods (-32.56%), and Pulses (-13.38%), and Fertilizers, Crude & manufactured (-5.57%).