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India's March merchandise exports rises by over 60% YoY

The country's merchandise exports during the month under review increased to $34.45 billion as compared to $21.49 billion in March 2020.

IANS | Updated on: Thursday, April 15, 2021, 11:01 PM IST

India's exports to China up 16.15% to USD 20.87 billion in 2020  | Photo by Tom Fisk from Pexels
India's exports to China up 16.15% to USD 20.87 billion in 2020 | Photo by Tom Fisk from Pexels
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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.

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Published on: Thursday, April 15, 2021, 11:01 PM IST