Indian Exports Surge By 80 Per Cent To $7.04 Billion In The First Week of May

In positive news for the Indian economy, despite the surge in COVID-19 cases and various States imposing lockdowns and movement restrictions, India’s exports during the first week of May (1-7 May) grew by a whopping 80 per cent year-on-year $7.04 billion, reports Economic Times.

Compared to it, the exports during the same period last year stood at $3.91 billion. Meanwhile, during the same period of 2019, the exports stood at $6.48 billion.

The major commodities and goods exported out of India which witnessed healthy growth during this span include gems and jewellery, jute, carpet, handicrafts, leather, electronic goods, oil meals, cashew, engineering, petroleum products, marine products and chemicals.

It should also be noted that SK Saraf, who is the president of the Federation of Indian Export Organisations (FIEO) said that the export growth is encouraging and that the order books of the nation’s exporters are healthy.

The preliminary data from the Union Ministry of Commerce and Industry also showed that imports during this period also grew by 80.7 per cent to $8.86 billion. Compared to this, the imports stood at $4.91 billion last year, and at much higher $10.39 billion in 2019.