At $35 billion in July, India records highest-ever monthly exports
India exported goods worth $35.43 billion in July, the highest first time ever in a month, due to recovery in key global markets and robust demand, according to the data released by the commerce and industry ministry on Friday.
Outbound shipments grew by nearly 50 per cent over July 2020, which can be partly attributed to a favourable base. As compared to pre-Covid level, the growth was 35 per cent from July 2019. Merchandise exports and imports had plummeted in the first few months of 2020-21, with the imposition of lockdown measures to curb the spread of Covid-19.
On a sequential basis, outbound shipments grew at their fastest this fiscal year, witnessing an 9-per cent jump.
The growth was led by higher demand for engineering goods, gems and jewelry, textiles and apparels, chemicals and electronic goods.
“The higher value of petroleum products accounted for more than one-third of the YoY rise in merchandise exports in July 2021. The merchandise trade deficit in July 2021 was almost entirely contributed by petroleum products and precious metals and stones, with the net deficit of the balance items limited to a muted $0.6 billion, shrinking from an average of $2.2 billion in the previous quarter,” Aditi Nayar, Chief Economist at Icra said.
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