India’s July exports rise by over 47% YoY

New Delhi, Aug 2 (SocialNews.XYZ) India's merchandise exports in July 2021 rose to $35.17 billion, higher by 47.91 per cent on a year-on-year basis, preliminary official data showed on Monday.

Exports during July 2020 stood at $23.78 billion.

The data by Ministry of Commerce and Industry showed that in comparison to July 2019, last month's exports rose by 34.06 per cent.

"Exports during April-July 2021 were $130.56 billion, up by 73.86 per cent over the same period of 2020 ($75.10 billion) and up by 21.85 per cent over same period of 2019 ($107.15 billion)."

"Till July 2021, India's exports have covered 32.64 per cent of its target exports of $400 billion."

Similarly, India's merchandise imports in July 2021 increased by 59.38 per cent on a year-on-year basis to $46.40 billion.

"With the continued unlocking of the economy and a surge in gold imports, the trade deficit widened to a three-month high in July 2021, in spite of merchandise exports clocking an enthusing record-high performance," ICRA's Chief Economist Aditi Nayar said.

"While the non-oil exports were robust in July 2021, they remained below the March 2021 level. A spike in oil exports boosted the overall merchandise exports to a record-high level in July 2021. A sustenance of oil exports at this level would significantly boost the expansion in merchandise exports in FY2022."

EEPC India Chairman Mahesh Desai said: "The high growth points to pent-up demand, fast recovery in US and European markets, and a robust order pipeline.

"Softening of raw inputs such as primary steel would make engineering goods more competitive internationally and generate additional orders. This will result in capacity expansion by manufacturers and hence more jobs."

Source: IANS