New Delhi: India’s exports in April nearly tripled to $ 30.21 billion due to healthy growth in key sectors, including engineering, jewelery and jewelery, and petroleum products, even though the trade deficit widened to $ 15.24 billion, according to the preliminary data from the Ministry of Trade. Sunday. The country’s merchandise exports in April 2020 were $ 10.17 billion. The trade deficit in that month was $ 6.92 billion.
Imports also more than tripled last month to $ 45.45 billion from $ 17.09 billion in April 2020. “India’s merchandise exports in April 2021 were $ 30.21 billion, an increase of 197, “03 percent compared to $ 10.17 billion in April 2020 and an increase of 16.03 percent more than $ 26.04 billion in April 2019,” the ministry said in a statement.
In percentage terms, the growth rate in exports and imports is at a record high, mainly due to the base effect. Due to the Covid-19 pandemic-induced lockdown last year, exports shrank by a record 60.28 percent in April 2020. In March this year, exports grew by 60.29 percent to $ 34.45 billion.
In April 2021, oil imports were at $ 10.8 billion compared to $ 4.65 billion in the corresponding month last year. Major export products that achieved positive growth in April are gemstones and jewelry, jute, pharmaceuticals, carpet, handicrafts, leather, electronic goods, oil meals, cashews, engineering, petroleum products, marine products and chemicals.
Exports of engineering, jewelery and jewelery and petroleum products rose multiplied in April to $ 5.55 billion, $ 3.3 billion and $ 2.12 billion respectively. Gold imports rose to $ 6.12 billion during the month under review from $ 2.83 million in April 2020.
Major import trading groups that showed positive growth in April 2021 compared to the corresponding month last year include electronic goods, transport equipment, minerals, machinery, textile yarn, vegetable oil and iron and steel.
The Federation of Indian Export Organizations (FIEO), Sharad Kumar Saraf, said in comments on the numbers that the impressive growth reflects that the position of the order discussion of exporters is exceptionally good and the gradual improvement of the situation in the country will further the growth push.
“Such a growth in exports during the first month of 2021-22 is very good for the sector,” he said, adding that the hour is needed to notify the RoDTEP tariffs (exemptions and taxes on export products) soon to remove uncertainty. from the minds of trade and industry, further forging new contracts with the foreign buyers.
Source: Telangana Today