India Exports rise 63% in July 1st week from year ago

India Exports rise 63% in July 1st week from year ago

India’s exports touched $8.4 billion during the first week of july, rising almost 35% from the conrresponding period in 2019-20 and 63% higher than a year ago, when business had been impacted due to the nationwide lockdown.

At the same time, imports touched $11,5 billion – 29% higher than the corresponding period in FY20 and 95$ more than a year ago according to latest data available with the government.

Export growth was led by petroleum products, which rose 65% on soaring global prices, while the value of engineering goods and inorganic chemicals shipped from the country went up by 50% and 36% respetively. Some of the gains were offset by a fall in the export of leateher & leather goods, which dropped 16% and electronics goods(4% decline).

Shipments to Chine shot up along with those to the US and Indonesia. On the import front the increase was driven by gold, whose shipments went up 365% over the FY20 level as well as crude ptroleum(39%) and vegetable oil, which almost doubled, partly due to higher prices.

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