India's Exports Reach $35.43 Billion In July 2021; 49.85% Increase Compared To 2020
- IBEF
- August 16, 2021
Thanks to a rebound in major global markets and robust demand, India exported products worth US$ 35.43 billion in July, the highest amount ever in a month, according to statistics released by the Commerce and Industry Ministry on Friday. In July 2020, outbound shipments grew by almost 50%, 49.85% to be exact. In comparison to the pre-Covid number, the rise was 35% as of July 2019. Merchandise exports and imports fell in the first few months of 2020-21 as a result of the adoption of lockdown measures to limit the spread of COVID-19.
Outbound shipment climbed at the strongest rate
Outbound shipments rose at their fastest rate this year, according to Business Standard, with a 9% increase. The boom was fuelled by increased demand for engineering products, gems and jewellery, textiles and clothing, chemicals, and electronic goods. The increasing value of petroleum products contributed for more than a third of the year-over-year (YoY) rise in goods exports in July 2021, according to Icra's Chief Economist, Ms. Aditi Nayar. In July 2021, petroleum commodities and precious metals and stones accounted for virtually all of the merchandise trade deficit, with the net deficit of balance items falling to US$ 0.6 billion, down from an average of US$ 2.2 billion in previous quarter.
Imports of goods surged by 63% to US$ 46.4 billion in July, resulting in a trade imbalance of US$ 10.97 billion. Imports of non-oil goods were expected to total US$ 33.51 billion, up 52.73% over the previous year, while oil imports were expected to total US$ 12.89 billion, up 97.45%. Non-petroleum, non-gems, and jewelry exports totaled US$ 26.12 billion in July, up 28.18% over the previous year. Exports of non-petroleum, non-gems, and non-jewellery grew by 32.26% .
The intriguing trend in the month of July 2021
According to Mr. Prahalathan Iyer, India Exim Bank's Chief General Manager, Research & Analysis, an intriguing trend observed in July 2021 is the increase in non-petroleum and non-gems and jewellery exports, which increased by 32.3% over the pre-covid level, far exceeding the growth of 28.2% over the July 2020 level. India exported US$ 130.82 billion worth of goods this year, up 74% from the previous year. This accounts for more than a third of their annual export goal of US$ 400 billion. Imported products amounted to US$ 172.55, up 94% over the previous year.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
Partners
