India’s exports treble to 30 billion USD in April despite Covid-induced lockdowns

India’s exim trade remained robust in April despite covid-induced localised lockdowns across the country. According to data released by the commerce ministry, India’s exports in April jumped nearly three-fold to $30.63 billion from $10.36 billion in the same month last year.

Imports too rose to $45.72 billion last month as against $17.12 billion in April 2020, the data showed. Trade deficit widened to $15.10 billion as against $6.76 billion in April 2020. Exports in April last year had plunged by a record 60.28 per cent due to the COVID-19 pandemic induced lockdown.

In March this year, exports grew by 60.29 per cent to $34.45 billion. Due to the low base effect, exports in April 2021 recorded a growth rate of 195.72 per cent.Oil imports stood at $10.8 billion as compared to $4.66 billion in the corresponding month last year.

Major export commodities which have recorded positive growth in April include gems and jewellery, jute, carpet, handicrafts, leather, electronic goods, oil meals, cashew, engineering, petroleum products, marine products and chemicals. However, the trade performance in April this year softened sequentially from the March print. In March, exports and imports hit record heights at $34.45 billion and $48.38 billion, respectively.

In a press briefing, Commerce secretary Anup Wadhawan said he sees a structural change which augurs towards secular improvement in India’s trade balance.

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“The recovery is happening in a manner such that in certain sectors we have established new markets, for example South East Asia is now buying rice from us. Our pharmaceuticals exports are also far more diversified now,” he added.