Exports up 45% on-yr in first 3 weeks of July: Govt

Led by petroleum, gems & jewellery, engineering goods, India’s goods exports in the first three weeks of July rose 45.13% year-on-year to $22.48 billion. Imports in the first three weeks of July posted a sharper increase of 64.82% to $31.77 billion, commerce and industry ministry said in a statement.

Excluding petroleum, oil and lubricants (POL), the export of all other goods increased by 34.11% in the July 1-21 period.

Exports of gems and jewellery, petroleum and engineering during July 1-21 were $424.5 million, $923.33 million and $551. 4 million, respectively,

“The exports momentum remains strong,” said an official.

As per the data, exports to the US, UAE and Brazil increased 51% to $493.24 million, 127% to $373.36 million and 212% to $144.5 million, respectively.

The top decrease in outbound shipments was seen in Oman, Indonesia and Malaysia.

Imports, excluding petroleum, increased 53.79% in the period, compared to the same period last year. An increase in imports was witnessed from Saudi Arabia, UAE and Iraq while those from Indonesia, Switzerland and Kazakhstan declined.

Compared to 2019-20, goods exports in the first three weeks of July were 25.42% and excluding POL, they were up 24.81%.

India’s goods exports in June grew 48.34% on-year to $32.50 billion. In the April-June 2021 period, the cumulative value of exports was $95.39 billion, the highest ever merchandise exports in a quarter, posting an increase of 85.88%.

(The one-stop destination for MSME, ET RISE provides news, views and analysis around GST, Exports, Funding, Policy and small business management.)

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