India Records Highest-Ever Exports Growth In July 2021
India recorded exports worth $35.2 billion in July 2021, the highest ever monthly achievement, which showed an increase of 47.91 per cent over $23.78 billion in July 2020 and an increase of 34.06 per cent over $26.23 billion in July 2019.
According to figures released by the Ministry of Commerce, merchandise imports also went up to $46.4 billion in July 2021, leading to the trade deficit widening to $11.2 billion during the month.
Top five commodity groups of export which recorded positive growth during July 2021 vis-à-vis July 2020 are petroleum products (215.68 per cent), gems and jewellery (130.44 per cent), other cereals (70.25 per cent), man-made yarn and fabrics (58.67 per cent) and cotton yarn and fabrics (48.02 per cent).
Exports remained above $30 billion for the fifth consecutive month in July with the previous peak in March at $34.5 billion.
In terms of value, the maximum increase in exports were to the US ($6.7 billion), the UAE ($2.4 billion) and Belgium ($826 million), while exports to Malaysia, Iran and Tanzania witnessed maximum fall.
The maximum increase in imports were from the UAE ($3.4 billion), Iraq ($2.7 billion) and Switzerland ($2.2 billion), while imports from France, Germany and Kazakhstan declined the most in the month.
