Exports

Exports in October 2020 had stood at $24.92 billion. According to data furnished by the Ministry of Commerce and Industry, in comparison to October 2019, last month's exports rose by 35.21 per cent. As per the data, India's merchandise imports last month increased by 62.49 per cent to $55.37 billion over $34.07 billion in October 2020.

Exports rose to $33.79 billion from $27.56 billion reported for September 2020. The data furnished by the Ministry of Commerce and Industry showed that in comparison to September 2019, last month's exports rose by 29.86 per cent. On a sequential basis, exports for last month, inched up from $33.28 billion worth of merchandise exports reported for August 2021.

Addressing a mid-term review meeting with the heads of various EPCs, Goyal, the Union Minister of Commerce and Industry, pointed out that India's exports have bounced back, touching $197 billion in the first half of FY2021-22. Goyal said with 48 per cent targeted volumes achieved, "we are on the right track".

"The Ministry of Commerce has been taking various steps to facilitate agricultural exports, and initiatives have been taken to achieve merchandise exports worth $400 billion in financial year 2021-22," he said, while inaugurating the Vanijya Utsav in Kochi virtually. Vanijya Utsav is being organised in hybrid mode here as part of the Vanijya Saptah programme of the Ministry to commemorate Azadi Ka Amrut Mahotsav.

Exports during August 2020 stood at $22.83 billion. The data by the Ministry of Commerce and Industry showed that in comparison to August 2019, last month's exports rose by 28.03 per cent. "'Non-petroleum' and 'Non-Gems and Jewellery' exports in August 2021 were $25.19 billion, as compared to $19.10 billion in August 2020, registering a positive growth of 31.87 per cent," it said.

Accordingly, India Exim Bank forecast total merchandise exports in Q2FY22 to grow to $98.45 billion from $74.02 billion reported for the corresponding quarter of the previous financial year. Besides, non-oil exports are expected to rise 28.3 per cent to $85.63 billion, as compared to $66.73 billion reported for the corresponding quarter of the last fiscal.

The rise in India's exports could be attributed largely to the low base effect, pick-up in growth in advanced economies and the resultant increase in global import demand, India Exim Bank said. Increase in commodity prices have also contributed to the increase in India's exports. Forecast of growth in India's total merchandise exports and non-oil exports are released by India Exim Bank on a quarterly basis.

The amount includes claims relating to schemes such as MEIS, SEIS, RoSL, RoSCTL amongst others relating to earlier policies and the remission support for RoDTEP and RoSCTL for exports made in the fourth quarter of FY21. In a statement, the Commerce & Industry Ministry said the benefits would be disbursed to more than 45,000 exporters, out of which about 98 per cent are small exporters.

Exports in August 2020 stood at $22.83 billion. Besides, the data furnished by the Ministry of Commerce and Industry showed that in comparison to August 2019, last month's exports rose by 27.5 per cent. "Value of non-petroleum exports in August 2021 was $28.58 billion, registering a positive growth of 36.57 per cent over non-petroleum exports of $20.93 billion in August 2020 and a positive growth of 25.44 per cent over non-petroleum exports of $22.78 billion in August 2019.

Mobile phone exports for the first quarter of 2021-22 was valued at Rs 4,600 crore compared to Rs 1,300 crore in 2020-21. The massive year-on-year growth in exports can also be attributed to the impact of the first wave of Covid-19 and the nation-wide lockdown during the corresponding period last year. Electronic goods export has also shown a tremendous rise of 100 per cent (YoY) in Q1 2021-22.