Dr Anup Wadhawan, Secretary, Department of Commerce, Government of India said during the virtual media interaction that the cumulative value of overall exports (merchandise & services) during April-March 2020-21 has been estimated at USD 493.19 Billion compared to USD 528.37 Billion during April-March 2019-20, registering a negative growth of (-) 6.66 percent. The Indian Economy has shown significant resilience amidst the global pandemic and trade shock that began to impact the global economy towards the end of 2019-20 and acquired catastrophic proportions in 2020-21. He added that it reflects a remarkable recovery over the course of the financial year after the huge downturn in April 2020 reflected in decline in merchandise exports by (-) 60.28% and services exports by (-) 8.92 %
Trade data for March 2021, the final month of 2020-21 reflects the build-up of a strong recovery in exports despite several challenges. The overall export (merchandise and services) for March 2021 is estimated at USD 52.20 Billion, registering a positive growth of 31.64 percent vis-vis March 2020. Merchandise exports in March 2021 grew by 60.29% as compared to March 2020, which was substantial even after factoring in the base effect.
The cumulative value of merchandise exports during April-March 2020-21 has been estimated at USD 290.63 Billion compared to USD 313.36 Billion during April-March 2019-20, which is a negative growth of (-) 7.26 percent, which is fairly moderate given the prevailing global situation. The overall trade deficit, taking merchandise and services together, for April-March 2020-21 is estimated at 12.74 USD billion as compared to the deficit of 77.76 US Billion in April-March 2019-20. The merchandise trade deficit between 2019-20 and 2020-21 declined from USD 161.35 Billion to 98.56 Billion
Dr Wadhawan said that prospects for a quick recovery in world trade have improved as merchandise trade expanded more rapidly than expected in the second half of last year. World merchandise trade volume is expected to increase by 8.0% in 2021 (Jan-Dec) after falling 5.3% in 2020 (Jan-Dec), as per the WTO. World Trade continues its rebound from the pandemic-induced collapse that bottomed out in the second quarter of last year. India's dominance in the pharma sector has been reinforced with supply of critical covid related supplies to over 150 countries and rapid growth in exports during the Covid period.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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