Friday, October 29, 2021

India clocks $100 billion in quarterly exports for the first time

For the first ever, India’s exports surpassed the $100 billion mark in the quarter ending September. India clocked a total of $101.89 billion in exports during July-September quarter (FY20-21).

According to an official statement issued by the Ministry of Commerce and Industry, India’s exports reached $197 billion. In September alone, the exports stood at $33.44 billion, as compared to $ 33.28 billion in August and $35.17 billion in July.

The aim of $400 Billion exports in a year

With exports from India touching $197 billion in the first 6 months of the current financial year, The government is leaving stone unturned and has set a target of $400 billion in exports for the financial year.

As per the data issued by the Commerce Ministry, the value of non-petroleum exports stands at $ 28.53 billion in September 2021, registering a growth of 18.72 per cent over non-petroleum exports, which stood at $24.03 billion in September 2020.

Additionally, the cumulative value of non-petroleum exports in April-September 2021 was $169.13 billion, a growth of 48.87 per cent as compared to $113.61 billion in April-September last year and an increase of 22.64 per cent over $137.91 billion in April-September 2019.

Non-petroleum and non-gems and jewellery exports also showed an upward trend in September 2021, as their exports value stood at $25.29 billion, registering a positive growth of 18.59 per cent over non-petroleum and non-gems and jewellery exports of $ 21.33 billion in September 2020.

Notably, the top 10 major commodity groups, covering over 80 per cent of total exports, have shown positive growth in September 2021 over the corresponding month of last year.

The rise of agricultural & processed food products

In a major boost to export prospects of agricultural produce, India has achieved significant growth of 21.8 per cent in the export of agricultural and processed food products in April-August 2021-22 over the corresponding period of 2020-21.

Quick estimates released by the Directorate General of Commercial Intelligence and Statistics (DGCI&S) showed that total exports of Agricultural and Processed Food Products Export Development Authority (APEDA) products increased from $6,485 million in April-August 2020 to $7,902 million in April-August 2021.

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