India's exports grew around 60% in March for the first time in a month

India’s merchandise exports rose by over 58.2 per cent for the first time ever in a month. It crossed USD 34 billion in March 2021 as compared to USD 21.5 billion in March 2020, a Ministry of Commerce and Industry report released on Thursday said.
  
The report said, exports during the financial year 2020-21 stood at USD 290.18 billion, as compared to USD 313.36 billion during FY 2019-20, exhibiting a negative growth of over 7 per cent.

Similarly, India’s merchandise imports grew by over 53 per cent in March 2021 to USD 48.1 billion as compared to USD 31.5 billion in March 2020. In FY21, the merchandise imports stood at USD 388.92 billion exhibiting a negative growth of 18.07%, as compared to USD 474.71 billion to FY20.

India is thus a net importer in March 2021, with a trade deficit of USD 14.11 billion versus to deficit of USD 9.98 billion in March. There has been an improvement of 41.4 per cent.

India has seen a positive growth of over 60 per cent in the value of non-petroleum and non-gems and jewellery exports in March 2021. It stood at around USD 27.25 billion as compared to USD 16.95 billion in the corresponding month the previous year.

Whereas, non-oil, non-gold jewellery (gold, silver and precious metals) imports grew by over 44 per cent to USD 27.01 billion in March 2021 versus USD 18.70 billion in March 2020.

The top five commodity groups of export which recorded growth during March 2021 vis-à-vis March 2020 are, Other Cereals (323.65%), Oil Meals (228.4%), Iron Ore (194.98%), Jute Manufacturing Including Floor Covering(105.19%), and Carpet(89.86%), the ministry reported in its statement.