EXPORTS SKY ROCKET

India’s Exports have reached to new heights. There has been a sustained increase in exports since the beginning of the year due to recovery in key global markets and robust demand.28-Dec-2021

Exports rise 36% to $23.8 billion in first three weeks of December

The exports stood at USD 23.62 billion in November 2020.

Exports in November 2021 were at USD 52.94 billion, showing an increase of 56.58 per cent over inbound shipments of USD 33.81 billion in the year-ago month.

Gold exports rose nearly 40 per cent to USD 4.22 billion as against 3.02 billion in November 2020.

As per the data, exports of electronic goods rose from USD 1.12 billion in November last to USD 1.45 billion during the month under review, up 29.83 per cent.

These numbers shows India’s significant growth in global market

This boost in export resulted into sharper economic growth after the second wave of Covid-19 .

In this era of globalization world’s leading economies

are also the major exporter .This also led to a wave of entrepreneurship in India motivating small businesses to scale up their operations and represent themselves in global markets and with exports the profitability and revenue of companies is also growing which contributes to GDP of the country .

EXPORT IMPORT BALANCE

Balance between export and imports is extremely crucial for an economy . If imports are more than exports then it depicts the trade deficit (means outflow of money is more than the inflow ) . If exports are more than imports then it depicts trade surplus (means inflow is more than the outflow of money ) .

POST COVID RECOVERY

The country’s exports crossed $35 billion in July and $34 billion in March 2021 for the first time on the back of global recovery after the Covid-19 pandemic disrupted world trade. It may be noted that exports have remained above $30 billion for the fifth consecutive month in July.

In the first quarter of FY22, exports posted record shipments of $95 billion. The export growth was a direct result of higher demand for some goods. This is likely to help India’s economy rebound at a faster pace.

The top five commodity groups that Indian exported

most during July 2021 were petroleum products (215 per cent), gems and jewellery (130 per cent), other cereals (70.25 per cent), man-made yarn and fabrics (58 per cent) and cotton yarn and fabrics (48.02 per cent).

The maximum increase in exports by value were to the United States ($6.7 billion), the United Arab Emirates ($2.4 billion) and Belgium ($826 million). However, exports to Malaysia, Iran and Tanzania declined substantially.

ICRA chief economist Aditi Nayar said non-oil exports were robust in July but remained below the March level.A spike in oil exports boosted the overall merchandise exports to a record high level in July. A sustenance of oil exports at this level would significantly boost the expansion in merchandise exports in FY22," Nayar said.

Rising exports are a good sign for India as countries recover from the Covid-induced economic shock.