India records highest ever monthly exports in March at $34 billion

New Delhi: India's exports saw a massive jump of 58 per cent year-on-year (YoY) and touched a record $34 billion in March—the highest ever monthly export figure–led by sectors such as engineering goods, gems and jewellery and pharmaceuticals, while imports surged 53 per cent to $48 billion, as per preliminary data

India’s merchandise exports witnessed a huge jump of 58 per cent year-on-year (YoY) and touched a record $34 billion in March, indicating a recovery in demand, preliminary data released by the government showed. Sequentially, the growth in merchandise exports was 21 per cent.

However, for the whole of financial year 2020-21 (FY21) exports contracted 7.4 per cent YoY to $290.18 billion because of the disruption caused by the Covid-19 pandemic.

“Make in India, Make for the World: Merchandise exports in March 2021 grew by 58 per cent YoY to $34 billion, the highest ever in Indian history. PM Narendra Modi ji’s trade policies have propelled Indian economy to historic new heights, even amidst the pandemic,” Commerce Minister Piyush Goyal tweeted.

Imports grew 52.89 per cent YoY in March to $48.12 billion, compared with $31.47 billion a year ago. For the whole of FY21, it contracted 18.07 per cent to $388.92 billion.

“India is, thus, a net importer in March, with a trade deficit of $14.11 billion, as compared to a trade deficit of $9.98 billion, an increase of 41.4 per cent,” said an official statement.

Ajai Sahai, director-general (DG) and chief executive officer (CEO), Federation of Indian Export Organisations (FIEO), said the turnaround in exports was remarkable, despite challenges because of a shortage of containers and hike in freight.