Exports jump 60% to $34.45 billion in March on growth in pharmaceuticals, engineering goods sectors

New Delhi: The nation’s exports surged by 60.29 per cent to a month-to-month document excessive of USD 34.45 billion in March on growth in sectors similar to engineering, gems and jewelry and prescription drugs, even because the outbound shipments contracted by 7.26 per cent throughout the full 2020-21 fiscal to USD 290.63 billion.

Imports too grew by 53.74 per cent to USD 48.38 billion in March, however dipped by 18 per cent to USD 389.18 billion throughout April-March 2020-21, in accordance to the Commerce Ministry knowledge launched on Thursday.

Trade deficit throughout March 2021 widened to USD 13.93 billion from USD 9.98 billion in March 2020. The commerce deficit throughout the full fiscal, nevertheless, narrowed to USD 98.56 billion as in opposition to USD 161.35 billion throughout 2019-20, the information confirmed.

Product classes that recorded constructive growth throughout March embrace carpet (89.84 per cent), gems and jewelry (78.93 per cent), engineering goods (71.3 per cent), rice (66.77 per cent), spices (60.42 per cent), prescription drugs (48.49 per cent), chemical compounds (46.5 per cent), marine merchandise (40.81 per cent), petroleum merchandise (35.52 per cent), espresso (23.27 per cent), and tea (8 per cent).

The export growth of 60.29 per cent in March this 12 months is the very best after about 82 per cent growth recorded in July 2011.

Sectors that noticed damaging growth throughout March are oilseeds (-6.45 per cent) and cashew (-1.99 per cent).

Import sectors which recorded damaging growth throughout the month embrace silver, transport tools, pulses and fertiliser.

Oil imports in March grew by 2.23 per cent to USD 10.27 billion in March. During April-March 2020-21, the imports dipped by 36.92 per cent to USD 82.35 billion. Gold imports throughout the month elevated to USD 8.49 billion from USD 1.22 billion in March 2020.

Commenting on the numbers, Federation of Indian Exports Organisations (FIEO) President Sharad Kumar Saraf stated that since “we have momentum with us, we should aim at exports of USD 350 billion in this financial year so that we not only cover the lost ground but also help the economy move to much needed double digit growth”.

He additionally urged the federal government to quickly notify the RoDTEP ( remission of duties and taxes on export merchandise) charges to take away uncertainty. 

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