Base effect, along with healthy demand conditions abroad, pushed India's merchandise exports higher by 60.29 per cent on a year on year basis in March 2021, official data showed on Thursday.
The country's merchandise exports during the month under review increased to $34.45 billion as compared to $21.49 billion in March 2020.
"Non-petroleum and non-gems and jewellery exports in March 2021 were $27.42 billion, as compared to $16.95 billion in March 2020, registering a positive growth of 61.75 per cent," said a Ministry of Commerce and Industry statement said on the basis of preliminary data.
"Non-petroleum and non-gems and jewellery exports in April-March 2020-21 were $238.72 billion, as compared to $236.17 billion for the corresponding period in 2019-20, which is an increase of 1.08 per cent."
Similarly, India's imports increased, rising by 53.74 per cent to $48.38 billion as compared to $31.47 billion reported for March 2020.
"Oil imports in March 2021 were $10.27 billion which was 2.23 per cent higher in Dollar terms compared to $10.05 billion in March 2020."
"Non-oil imports in March 2021 were estimated at $38.11 billion which was 77.90 per cent higher in Dollar terms compared to $21.42 billion in March 2020."
As per the statement, non-oil and non-gold imports were $29.62 billion in March 2021, recording a positive growth of 46.66 per cent, as compared to non-oil and non-gold imports of $20.20 billion in March 2020.
Consequently, India's trade deficit widened last month to $13.93 billion from $9.98 billion in March 2020.
In terms of fiscal 2020-21, India's exports fell by 7.26 per cent to $290.63 billion, from $313.36 billion during the previous fiscal.
Likewise, merchandise imports fell during April-March 2020-21.
The imports declined by 18.02 per cent to $389.18 billion, as compared to $474.71 billion during the same period of last year.
Accordingly, trade deficit for FY21 narrowed to $98.56 billion from $161.35 billion in FY20.