New Delhi: India's merchandise exports in July 2021 rose to $35.43 billion, higher by 49.85 per cent on a year-on-year basis, official data showed on Friday.
Exports during July 2020 stood at $23.64 billion.
The data by the Ministry of Commerce and Industry also showed that in comparison to July 2019, last month's exports rose by 35.05 per cent.
"Exports in July 2021 were $35.43 billion, as compared to $23.64 billion in July 2020, exhibiting a positive growth of 49.85 per cent. As compared to July 2019, exports in July 2021 exhibited a positive growth of 35.05 per cent in dollar terms."
"Non-petroleum and non-gems and jewellery exports in July 2021 were $26.12 billion, as compared to $20.37 billion in July 2020, registering a positive growth of 28.18 per cent. As compared to July 2019, Non-petroleum and Non-Gems and Jewellery exports in July 2021 registered a positive growth of 32.26 per cent."
Similarly, India's merchandise imports in July 2021 increased, up by 62.99 per cent, on a year-on-year basis, to $46.40 billion.
"The higher value of petroleum products accounted for more than one-third of the YoY rise in merchandise exports in July 2021," ICRA's Chief Economist Aditi Nayar said.
"Aside from that, engineering goods, gems & jewellery, textiles and apparels, chemicals and electronic goods were the dominant drivers of the enthusing expansion in merchandise exports to a record high in July 2021."
EEPC India Chairman Mahesh Desai said: "With pandemic situations on the ebb and strong recovery seen in European and American markets, the (engineering goods) sector is very much on the sustained recovery path."
"We hope the momentum would continue and the sector closing the year on a very positive note."
FIEO President A Sakthivel said that the sustained growth in exports of about 50 per cent with $35.43 billion over FY2020-21 and by 35 percent over FY2019-20 yet again demonstrated the strength and resilience of the exports sector.
Noting this is the highest-ever exports recorded at least in the previous 9 years as per the data readily available with FIEO, he said that the global demand during this period has also remained buoyant as the order booking positions of the exporters have still been impressive.
Forex reserves surge
India's foreign exchange reserves rose by $889 million, during the week ended August 6.
According to the Reserve Bank of India's (RBI) weekly statistical supplement, the reserves increased to $621.464 billion from $620.576 billion reported for the week ended July 30.
India's forex reserves comprise foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs), and the country's reserve position with the International Monetary Fund (IMF).
On a weekly basis, FCAs, the largest component of the forex reserves, edged higher by $1.508 billion to $577.732 billion.
However, the value of the country's gold reserves decline by $588 million to $37.057 billion.
Similarly, the SDR value slipped by $1 million to $1.551 billion.
In addition, the country's reserve position with the IMF decreased by $31 million to $5.125 billion.
