Exports rise 63% in July 1st week from year ago, 35% from FY20

NEW DELHI: India's exports touched $8.4 billion during the first week of July, rising almost 35% from the corresponding period in 2019-20 and 63% higher than a year ago, when business had been impacted due to the nationwide lockdown.

At the same time, imports touched $11.5 billion - 29% higher than the corresponding period in FY20 and 95% more than a year ago - according to latest data available with the government.

Export growth was led by petroleum products, which rose 65% on soaring global prices, while the value of engineering goods and inorganic chemicals shipped from the country went up by 50% and 36%, respectively. Some of the gains were offset by a fall in the export of leather & leather goods, which dropped 16%, and electronics goods (4% decline).

Shipments to China shot up along with those to the US and Indonesia. On the import front, the increase was driven by gold, whose shipments went up 365% over the FY20 level as well as crude petroleum (39%) and vegetable oil, which almost doubled, partly due to higher prices. The government is upbeat this year and is targeting a 25% increase so that exports cross $400 billion.