July exports continue to surge as global orders remain strong, rise 47.9% Y-o-Y

Representational Image (Reuters)

Owing to an uptick in global orders, India's merchandise exports shot up in July, rising by a major 47.9 percent as compared to July, 2020. Impressively, exports also rose by 34.06 percent as compared to July, 2019, before the pandemic struck.

Data released by the Commerce and Industry Ministry on August 2 showed outbound trade rose to $35.17 billion in July, up from $23.78 billion in July, 2020. Cumulatively, exports have grown by 73.86 percent to $130.56 billion in the April-July period of FY22 (2021-22) as compared to the same period of 2o20. Compared to 2019, exports have gone up by 21.85 percent over same period ($ 107.15 billion), the Ministry said.

Official statistics show exports of processed petroleum saw the biggest growth in July as exports more than doubled. With a 215 percent growth, petroleum exports helped earn $3.8 billion more in July. This was followed by $2.8 billion more worth of engineering goods which rose 42 percent and $1.9 billion more worth of gems and jewellery which rose by 130 percent.

Imports also rise

In July, imports saw an equally large rise, going up by a huge 46.4 percent to $59.38 billion. Similar to exports, as the low base wears off, the jumps in import growth have moderated. Imports had risen by 98.3 percent in June, 73.6 percent in May and 163 percent in April.

In the latest month, gold imports saw the second highest rise (135 percent). The largest part of the import bill - petroleum and crude oil - saw imports nearly double.