India’s exports jump 58.23% to record USD 34 billion in March
India’s exports have increased by 58.23 per cent in March 2021 in comparison to USD 21.49 billion in March 2020
India's merchandise exports in March 2021 were USD 34.0 billion as compared to USD 21.49 billion in March 2020, an increase of 58.23 per cent," the Ministry of Commerce and Industry said in a statement, adding " the first time ever in a month", exports have crossed USD 34 billion mark.
According to the data, imports during 2020-21 contracted by 18 per cent to USD 388.92 billion compared to USD 474.71 billion during 2019-20. In March 2020, the exports stood at USD 21.49 billion, showing a decline of about 34 per cent over March 2019 due to global slowdown induced by the Covid-19 crisis.
Imports rose by 52.89 per cent to USD 48.12 billion as against USD 31.47 billion in March 2020.
The trade deficit during the month widened to USD 14.12 billion as against USD 9.98 billion in March 2020.
Oil imports grew by 1.22 per cent to USD 10.17 billion in March. During 2020-21, oil imports dipped by 37 per cent to USD 82.25 billion.
Non-oil imports in March were up by 777.12 per cent to USD USD 37.95 billion. During the full fiscal, the imports contracted by 10.89 per cent to USD 306.67 billion. Gold imports jumped to USD 7.17 billion during the month under review.
Further, the Commerce Ministry noted that non-oil, non-GJ (gold, silver and Precious metals) imports were USD 27.01 billion in March 2021, recording a positive growth of 44.45%, as compared to non-oil and non-GJ imports of USD 18.70 billion in March 2020.
Union Minister of Commerce and Industry Piyush Goyal in a tweet said: "PM @NarendraModi ji’s vision for an Aatmanirbhar Bharat has led to unprecedented growth in Indian economy. Upwards arrow Highest ever merchandise exports in Indian history: 58% year-on-year growth recorded in March 2021, with an all time high of $34 billion in exports.”
???? PM @NarendraModi ji’s vision for an Aatmanirbhar Bharat has led to unprecedented growth in Indian economy.— Piyush Goyal (@PiyushGoyal) April 1, 2021
⬆️ Highest ever merchandise exports in Indian history: 58% year-on-year growth recorded in March 2021, with an all time high of $34 billion in exports pic.twitter.com/dVDfC8SnZa