India's April exports up 197% on low base
Updated May 04, 2021 04:00 am
- India’s merchandise exports nearly trebled in April to $30.21 billion over the same period year, mainly due to the low-base effect, as Covid-19 induced nationwide lockdown a year ago had temporarily stopped economic activity. However, exports grew 16.03 percent from $26.04 billion in April 2019, indicating that a low base was also supported by strong demand in the first month of the current fiscal. An uptick in outbound shipments in April was driven by demand for petroleum products, engineering and gems, and jewelry products.
- The latest data also indicates that an unprecedented surge in covid-19 cases, as well as localized lockdowns in the country, did not affect the demand for goods. On a sequential basis, exports dipped by 12.3 percent from $34.45 billion in March. Preliminary data from the Ministry of Commerce and Industry on Sunday put India’s merchandise imports in April at $45.45 billion, up 165.99 percent YoY. Inbound shipments rose 7.22 percent from $42.39 billion in April 2019. This resulted in a trade deficit of $15.24 billion, up 120.34 percent YoY. The deficit was $16.30 billion in April 2019.