Exports register a record growth of $95 billion despite Coronavirus crisis

Exports up by 85.36% year on year
India surpasses even big economies in export growth

New Delhi – Minister of Commerce and Industry Piyush Goyal said that the Indian economy is on the right track despite the Coronavirus pandemic, which is underlined by the record growth in exports in the first quarter. The merchandise exports worth USD 95 billion were reported during April to June, a quarter of this fiscal year. The export in April shows an increase of 200% over April last year. Also, the export in the first quarter is 85.36%, more than the exports in the corresponding period of the previous year. India has surpassed big economies like the United States, the United Kingdom, Japan, the European Union and South Korea.

Commerce Minister Piyush Goyal and Urban Development Minister, Hardeep Singh Puri, revealed the information regarding the Indian economy in a press conference held on Friday. At this time, they drew attention to the record increase in the exports in the first quarter of this fiscal. Exports touched a whopping USD 95.36 during this quarter. In the last quarter of the previous fiscal ending March 31st, the exports were pegged at USD 90 billion. Compared to even this, there is a growth of USD 5 billion in this quarter.

There were exports worth USD 51.44 billion in the first quarter of the last fiscal. Whereas the April-June quarter in 2019 reported exports worth USD 80.91 billion. The highest growth was recorded in the exports in April. India has reported the highest export growth, to date, in April 2021. As compared to April last year, this amounts to more than 200%. Commerce Minister Piyush Goyal pointed out that such a massive growth has never been reported in Indian exports.

The first outbreak of the Coronavirus pandemic was in the last year, and a strict lockdown was imposed in the country. This is the cause for this major difference. But as compared to the exports even in the year 2019, this year’s figures for the first quarter are 18% higher. As per the numbers announced by the World Trade Organisation, the growth reported in exports of the European Union was 68%, Japan 36%, South Korea 41%, the United Kingdom 32% and the United States 53%. Goyal said that compared to this, the growth in the Indian export is much higher.

There has been a record increase in exports in June. The exports were worth USD 32.36 billion. This is 47.34% more than the exports in June last year. The months of June 2020 had reported a merchandise export of USD 22.03 billion. Meanwhile, there has been a significant increase even in the Foreign Direct Investment (FDI). FDI worth USD 6.24 billion came into the country in April. This is 38% more than April 2020. Commerce Minister Goyal also informed that there was a total of USD 81.72 billion of FDI into India in the year 2020-21.

The Indian exports are increasing. At the same time, there is a massive flow of FDI into the country. Goyal said this indicated that the Indian government is on the right path. The government is implementing various reforms. Goyal said that all this is the result of the steps taken by the government to provide an impetus to FDI and exports.