India’s exports nearly trebled to over $30 billion during April from $10 billion a year ago, when production and shipments were disrupted due to the lockdowns in India and many parts of the world. Exports were estimated to be 16% higher than April 2019.
Preliminary data released by the commerce department on Sunday showed that exports were lifted by a healthy growth in key sectors such as engineering, gems and jewellery and petroleum products. But trade deficit widened to $15.2 billion in April as imports grew at a comparatively slower pace. Imports are estimated to have increased from $17.1 billion in April 2020 to a shade under $45.5 billion last month.
“April exports growth is one of its kind optimistic and a healthy sign moment, reflecting a balanced overall growth across sectors. Not just agri and pharma, but all other sectors have bounced back indicating a big confidence booster and emergence of stable market order,” said Mohit Singla, chairman of lobby group TPCI.
Fieo president Sharad Kumar Saraf said that the government should get down to refunding duties that exporters had to pay. While the government has implemented the new duty refund scheme, payments are yet to be made for the last four months, with the Centre also sitting on incentives it had promised in the earlier scheme.