TLI Staff
New Delhi: Merchandise exports from India have shown signs of recovery but shipments of a dozen of items such as engineering goods, petroleum products, gems & jewellery and ready-made garments remained negative in February, 2021.
As per data released by Ministry of Commerce & Industry, exports in February 2021 were US$ 27.93 billion as compared to US$ 27.74 billion in February 2020 registering a marginal growth of 0.67%.
Some of the commodities and items which recorded positive growth during this period were iron ore (167.79%), jute including floor covering (45.53%), rice (30.78%), meat, dairy & poultry products (26.43%), cereal preparations & miscellaneous processed items (25.3%), carpet (19.46%), spices (18.61%) and drugs & pharmaceuticals (14.74%).
The commodities/commodity groups which recorded negative growth during February 2021 vis-à-vis February 2020 were oil seeds (-25.19%), leather & leather products (-21.62%), petroleum products (-20.87%), cashew (-18.62%), gems & jewellery (-11.19%), ready-made garments of all textiles (-8.5%), electronic goods (-5.77%), man-made yarn/fabs./made-ups etc. (-4.02%), fruits & vegetables (-3.33%), tea (-2.5%), engineering goods (-2.36%), coffee (-0.73%) and marine products (-0.21%).
“Showing signs of recovery, India’s exports in February increased marginally. Total merchandise exports during the month was US$ 27.93 billion as compared to US$ 27.74 billion in the corresponding month last year recording a positive growth of 0.67%. Engineering goods export, however, saw minor dip during this period but we hope the trend to reverse given that most major economies have rolled out vaccination drives against Coronavirus. Measures by the government to rein in domestic steel prices and Production Linked Incentive (PLI) schemes announced for various sectors are set to boost exports from the country,” said EEPC India Chairman Mr Mahesh Desai in a statement.
Imports in February 2021 were US$ 40.54 billion showing an increase of 6.96% over the same period previous year. Oil imports, the major inbound item, in February 2021 were US$ 8.99 billion, down 16.63% compared to US$ 10.78 billion in February 2020. Other than petroleum products, major import items that recorded negative growth were coal, transport equipment, pearls and semi-precious stones.
India’s overall exports (merchandise and services combined) in April-February 2020-21 are estimated to be US$ 439.64 billion, a decline of 10.14% compared to same period last financial year.
Overall imports in April-February 2020-21 are estimated to be US$ 447.44 billion, down 20.83% over the same period last year.