The country's exports are reviving and the shipments are expected to be in the "solid" positive territory in this financial year, Commerce Secretary Anup Wadhawan said on Tuesday.
The country’s exports are reviving and the shipments are expected to be in the “solid” positive territory in this financial year, Commerce Secretary Anup Wadhawan said on Tuesday. He said that exports recorded a significant contraction in April last year but gradually things started improving and the shipments have entered the positive territory.
“So, I am quite positive and hopeful that in 2021-22, we will be in solid positive territory. I have no doubts about that. But I do not want to predict numbers and make any targeted projections,” the secretary told reporters. Since December 2020, the country’s merchandise exports are recording positive growth. In March this year, the exports rose by 60.29 per cent to USD 34.45 billion. However in 2020-21, the shipments dipped by 7.26 per cent to USD 290.63 billion.
Product categories that recorded positive growth during March include oilmeals, iron ore, carpet, gems and jewellery, engineering goods, rice, spices, pharmaceuticals, chemicals, marine products, petroleum products, coffee , and tea. Gems and jewellery is a luxury product, and its demand would also slowly pick up, Wadhawan said, adding that exports are recovering from the severe COVID-19 impact.
He added that exporters have shown resilience and have covered a lot of the lost ground, after hit by Covid-19 pandemic. When asked about India’s trade gap with the US and China, the secretary said that trade surplus with the US and deficit with China has improved in 2020-21.
India’s exports to the US stood at USD 53 billion in 2019-20 and USD 51 billion in 2020-21. Imports from the US aggregated at USD 35.8 billion in 2019-20 as compared to USD 28 billion in 2020-21. The country’s exports to China in 2019-20 were at USD 16.6 billion and USD 21.2 billion in 2020-21. Imports from China were worth USD 65 billion in 2019-20 while the numbers were roughly the same for 2020-21.