India's export posts record YoY growth in March

New Delhi: The base effect pushed India's merchandise exports to its highest-ever monthly year-on-year growth rate of 58.23 per cent to reach $34 billion in March 2021, preliminary data showed on Thursday.

The country's merchandise exports during the month under review increased to $34 billion as compared to $21.49 billion in March 2020.

"In March 2021, the value of non-petroleum exports was USD30.79 billion as compared to USD18.97 billion in March 2020, registering a positive growth of 62.3 per cent," a Ministry of Commerce and Industry statement said on the basis of preliminary data.

"The value of non-petroleum and non-gems and jewellery exports in March 2021 wrecord-highas USD 27.25 billion, as compared to USD 16.95 billion in March 2020, registering a positive growth of 60.72 per cent."

However, exports during April-March 2020-21 period fell by 7.40 per cent to $290.18 billion, from $313.36 billion during the previous fiscal. Besides, India's imports increased, rising by 52.89 per cent to $48.12 billion as compared to $31.47 billion reported for March 2020.

Nonetheless, merchandise imports during April-March 2020-21 declined by 18.07 per cent to $388.92 billion, as compared to $474.71 billion during the same period of last year. "In March 2021, Oil imports were USD10.17 billion, as compared to USD10.05 billion in March 2020, a growth of 1.22 per cent."

"Non-oil imports in March 2021 are estimated at USD37.95 billion, as compared to USD21.42 billion in March 2020, showing an increase of 77.12 per cent." Consequently, India's trade deficit widened by 41.40 per cent last month to $14.11 billion from $9.98 billion in March 2020.