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| India’s exports nearly triple in April despite huge spike in Covid-19 infections | India’s exports nearly triple in April despite huge spike in Covid-19 infections |
| (about 1 month later) | |
| Shipments of goods from India have seen an enormous year-on-year surge of 197% in April, rising to $30.21 billion, according to preliminary data released by the commerce and industry ministry. | Shipments of goods from India have seen an enormous year-on-year surge of 197% in April, rising to $30.21 billion, according to preliminary data released by the commerce and industry ministry. |
| The explosive growth, led by increased sales of gems and jewelry, as well as engineering goods and petroleum products, has been attributed to the so-called low-base effect, as last year’s figure dropped to $10.36 billion, after a sharp contraction of more than 60% due to the Covid-19 pandemic. | The explosive growth, led by increased sales of gems and jewelry, as well as engineering goods and petroleum products, has been attributed to the so-called low-base effect, as last year’s figure dropped to $10.36 billion, after a sharp contraction of more than 60% due to the Covid-19 pandemic. |
| However, the first month of exports for the 2021-22 period grew over 16% compared to $26.04 billion recorded in the same period in 2019, as a low base was also aided by strong demand in the first month of the current fiscal year. | However, the first month of exports for the 2021-22 period grew over 16% compared to $26.04 billion recorded in the same period in 2019, as a low base was also aided by strong demand in the first month of the current fiscal year. |
| Jute, carpet, handicrafts, leather, electronic goods, oil meals, cashew, marine products and chemicals are also named among major export commodities that recorded positive growth in April. | Jute, carpet, handicrafts, leather, electronic goods, oil meals, cashew, marine products and chemicals are also named among major export commodities that recorded positive growth in April. |
| At the same time, country’s imports surged nearly 166% to $45.45 billion, thus widening the trade deficit to more than $15 billion during April. The shortfall was up 120.34% against the same period a year ago. Imports in April grew 7.2% compared to the same early-pandemic period. | At the same time, country’s imports surged nearly 166% to $45.45 billion, thus widening the trade deficit to more than $15 billion during April. The shortfall was up 120.34% against the same period a year ago. Imports in April grew 7.2% compared to the same early-pandemic period. |
| “India is thus a net importer in April with a trade deficit of $15.24 billion, which increased by 120.34% over the trade deficit of $6.92 billion in April 2020,” the ministry said. | “India is thus a net importer in April with a trade deficit of $15.24 billion, which increased by 120.34% over the trade deficit of $6.92 billion in April 2020,” the ministry said. |
| Non-oil, non-gold, silver and precious metals imports, which are seen as a measure of the strength of domestic demand, jumped by more than 111%, with petroleum, gold and electronic goods among the top importer sectors. | Non-oil, non-gold, silver and precious metals imports, which are seen as a measure of the strength of domestic demand, jumped by more than 111%, with petroleum, gold and electronic goods among the top importer sectors. |
| Gold imports in April saw a massive growth of around 216,000% compared with the same period last year. | Gold imports in April saw a massive growth of around 216,000% compared with the same period last year. |
| For more stories on economy & finance visit RT's business section | For more stories on economy & finance visit RT's business section |