According to data released by the Ministry of Commerce and Industry on Friday, India exported goods worth $35.43 billion in July, the highest ever in a month, due to recovery and strong demand in key global markets.
India’s outbound shipments rise 49.85% in July 2021
Outbound shipments increased by around 50 per cent in July 2021 as compared to July 2020, which can be partly attributed to a favourable base. As compared to the pre-Covid level, the growth rate from July 2019 was 35 per cent. Merchandise exports and imports declined in the first few months of 2020-21, with the imposition of lockdown measures to contain the spread of COVID-19.
Outbound shipments rise 9%
On a sequential basis, outbound shipments grew at their fastest pace in this financial year, which saw a jump of 9 per cent. The growth was led by higher demand for engineering goods, gems and jewellery, textiles and apparel, chemicals and electronic goods.
Non-petroleum, non-gems and jewellery exports rise 28.18%
Non-petroleum and non-gems and jewellery exports stood at $26.12 billion in July, up 28.18 per cent this year. Compared to July 2019, non-petroleum and non-gems and jewellery exports registered a growth of 32.26 per cent.
Imports rise to $46.4 billion
Merchandise imports rose to $46.4 billion in July, up 63 per cent year-on-year, resulting in a trade deficit of $10.97 billion. Non-oil imports are projected to increase 52.73 per cent year-on-year to $33.51 billion, while oil imports in July were up 97.45 per cent at $12.89 billion in July.
$130.82 billion goods exported in first 4 months of FY21
Overall, India exported goods worth $130.82 billion this year, up 74 per cent year-on-year. This is close to one-third of its annual export target of $400 billion.