The base effect pushed India’s merchandise exports to its highest-ever monthly year-on-year growth rate of 58.23 per cent to reach $34 billion in March 2021, preliminary data showed on Thursday.
The country’s merchandise exports during the month under review increased to $34 billion as compared to $21.49 billion in March 2020.
“In March 2021, the value of non-petroleum exports was USD30.79 billion as compared to USD18.97 billion in March 2020, registering a positive growth of 62.3 per cent,” a Ministry of Commerce and Industry statement said on the basis of preliminary data.
“The value of non-petroleum and non-gems and jewellery exports in March 2021 was USD 27.25 billion, as compared to USD 16.95 billion in March 2020, registering a positive growth of 60.72 per cent.”
Similarly, India’s imports increased, rising by 52.89 per cent to $48.12 billion as compared to $31.47 billion reported for March 2020.
“In March 2021, Oil imports were USD10.17 billion, as compared to USD10.05 billion in March 2020, a growth of 1.22 per cent.”
“Non-oil imports in March 2021 are estimated at USD37.95 billion, as compared to USD21.42 billion in March 2020, showing an increase of 77.12 per cent.”