Led by petroleum products, gems and jewellery, and engineering goods, India’s exports rose 47.9% on-year to a record $35.17 billion in July.
Preliminary data released by the government showed that India’s merchandise exports in July were an increase of 34% over July 2019. Imports were at the second highest at $46.4 billion, leaving a wider trade deficit of $11.23 compared to $9.4 billion in June and $5.33 billion a year ago.
The Minister of Commerce and Industry, PiyushGoyalsaid in a tweet. “Make in India, Make for the World: India’s merchandise exports in July 2021 was $35.17 bn, an increase of 34% over July 2019. Shri. Narendra Modiji’s vision for Aatmanirbhar Bharat has given a boost to exports.”
India’s outbound shipments in the first four months of FY22 are $130.56 billion, up 73.8% over the corresponding period last year.
“Till July, India’s merchandise exports have reached 32.64% of $400 billion,” the Commerce and Industry Ministry said, adding that the target for the remaining eight months is $269.44 billion or $33.68 billion per month.
Geography-wise, the top increases in exports were seen to the US, UAE and Belgium while imports from the UAE, Iraq and Switzerland rose the most. The top import items were crude oil, gold and precious stones, and vegetable oil.
“This is the highest-ever exports recorded at least in the previous nine years,” said A Sakthivel, president, Federation of Indian Export Organisations (FIEO), adding that this demonstrates the strength and resilience of the exports sector.
Highlighting that global demand during this period has also remained buoyant as the order booking positions of the exporters have still been impressive, Sakthivel said that it also is a sign that global trade is recovering fast.
Imports of gold were up 135.5% to $ 2.42 billion and those of pearls, precious and semi-precious stones were $1.68 billion in July while imports of transport equipment, project goods and silver shrank last month.