The country is growing rapidly in the direction of economic reform, due to which there has been a spurt in industrial activities. India’s total exports in the first week of April stood at $ 6.8 billion compared to $ 1.7 billion in the same period last year. In this way, on an annual basis, the lockdown was announced in the entire country on 25 March last year. It was $ 6.3 billion in the same period of April 2019. Compared to that, it has risen by 8 percent.
Along with exports, imports have also registered a boom. Total imports in the first week of April stood at $ 9.7 billion, compared to $ 2.8 billion in the first week of April 2020. However, this is less for the same period as April 2019. There has been a big jump in imports, especially in oil imports. The price of crude oil is increasing, due to which imports are being made on a large scale. Exports are witnessing a spurt in exports, especially in engineering, gems & jewelery and petroleum products.
India’s exports in March
India’s export turnover increased by 58.23 percent to $ 34 billion in March 2021. In March 2020 it was $ 21.49 billion. Exports during April-March 2020-21 stood at $ 290.18 billion as against $ 313.36 billion in the same period last year, showing a negative growth of 7.40 percent.
Goods Import in March
India’s merchandise imports stood at $ 48.12 billion in March 2021 as compared to $ 31.47 billion in March 2020 last year, thus registering an increase of 52.89%. During April-March 2020-21 goods imports stood at $ 388.92 billion as compared to $ 474.71 billion in the same period last year, showing negative growth of 18.07 per cent. Thus, India was a net importer in March 2021 with a trade deficit of $ 14.11 billion, which was $ 9.98 billion a year ago.