India: Exports grew 93% to $51.79 billion in April on a low base of last year

According to the latest data released by the Commerce and Industry Ministry on Friday, the overall exports (merchandise and services) of India are estimated to have grown 93.21 percent to $51.79 billion in April on a low year-on-year (YoY) basis.

Merchandise exports nearly tripled in April to $30.63 billion compared to the same period last year. The growth was on account of a low base of last year as the country went into a lockdown but was also supported by demand from external markets compared to April 2019, exports grew 17.62 per cent.

Services exports are estimated to have grown 28.68 per cent YoY to $21.17 billion in April. The estimated value is $13 billion, up 39.75 per cent YoY.

While the Reserve Bank of India has released services sector data for March, April’s data is an estimation and will be revised based on the central bank’s subsequent release, an official statement said. Commerce Secretary Anup Wadhawan said despite the second wave of Covid-19 and subsequent lockdowns by various states, export prospects remain healthy.

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