July exports surge 50% YoY, led by strong global orders

(Representative image)

Owing to an uptick in global orders, India's merchandise exports shot up in July, rising by a major 49.8 percent as compared to July, 2020. Impressively, exports also rose by 35 percent as compared to July, 2019, before the pandemic struck.

Data released by the Commerce and Industry Ministry on August 13 showed outbound trade rose to $35.43 billion in July, up from $23.64 billion in July, 2020. Cumulatively, exports have grown by 74.96 percent to $130.82 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 22.09 percent over the same period ($107.15 billion), the Ministry said.

Official statistics show exports of engineering goods was the biggest revenue earner in July at $9.5 billion, rising 42 percent. Processed petroleum saw the biggest growth in July as exports more than doubled. With a 230 percent growth, petroleum exports helped earn $5.8 billion in July. This was followed by $3.4 billion worth of gems and jewellery, shipments of which rose by 130 percent.

Imports also rise

In July, imports saw an equally large rise, going up by a huge 62.9 percent to $46.4 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 among the highest rises at 135 percent to cross $4 billion. The largest part of the import bill - petroleum and crude oil - saw imports nearly double to $12.89 billion.