Giving credit to solid global orders, India’s merchandise exports increased 43 percent in October 2021 in comparison to the same period the past year. Impressively, exports also grew by almost 40 per cent compared to October 2019, before the onset of the COVID-19 pandemic.
The Commerce and Industry Ministry published on November 15 presented an outbound trade increase to $35.65 billion in October, jumping from $24.92 billion in October 2020. Exports have increased by over 55 per cent in the April-October period of FY22 (2021-22) in comparison to 2020. Compared to 2019, exports have jumped to 26 percent over the same period, the Ministry said.
After a questionable FY21 (2020-21), exports started rising in December. In February, prior to the low base effect generating, growth was a marginal 0.67 percent. Since then, calculated annually (Y-o-Y), exports have witnessed a notable increase because of the low base effect that has faded off, officials say.
In October, imports witnessed an evenly notable increase, jumping to a huge 62.5 percent to $55 billion. This was an ongoing course from the prior month when import growth was above 84 percent. It had been gradually decreasing previously. Specialists state this bodes great for the economy, implying the return of industrial and consumer demand.
Related to exports, as the low base fades off, the hikes in import growth have declined. Imports had increased at 51.5 percent in August, 62.9 percent in July, 98.3 per cent in June, 73.6 percent in May, and 163 percent in April.