Schedule a Call Back
Strong global orders lead to 43% rise in India’s exports in Oct 2021
Industry News- Nov 18,21
Owing to strong global orders, India's merchandise exports rose by 43% in October this year as compared to same period previous year.
Mumbai
Owing to strong global orders, India's merchandise exports rose by 43% in October this year as compared to same period previous year. Impressively, exports also rose by nearly 40% as compared to October 2019, before the pandemic struck. Data released by the Commerce and Industry Ministry on November 15 showed outbound trade rise to $35.65 billion in October, up from $ 24.92 billion in October 2020.
Cumulatively, exports have grown by 55 percent in the April-October period of FY22 (2021-22) as compared to the same period of 2020. Compared to 2019, exports have gone up by 26 percent over the same period, the Ministry said. After a difficult FY21 (2020-21), exports had begun rising since December. In February, before the low base effect kicked in, growth was a marginal 0.67 percent. Since then, calculated annually (Y-o-Y), exports had seen major growth owing to the low base effect which has now worn off, officials say.
In October, imports saw an equally large rise, going up a massive 62.5 percent to $55 billion. This was a continuing trend from the past month when import growth had been more than 84 percent. It had been slowly reducing before that. Experts say this bodes well for the economy, signifying the return of industrial and consumer demand.
Similar to exports, as the low base wears off, the jumps in import growth have moderated. Imports had risen by 51.5 percent in August, 62.9 percent in July, 98.3 percent in June, 73.6 percent in May, and 163 percent in April.
Source: moneycontrol.com
Related Stories
Electrical & Electronics
Electronics Sector Targets USD 500 Bn Output by 2030
India’s electronics industry expects strong growth driven by FTAs and incentives.
Read morePolicy Regulation
Piyush Goyal Outlines Four Pillars for India’s 2047 Vision
Piyush Goyal recently highlighted four pillars guiding India’s goal of becoming a developed nation.
Read moreProcess Equipment
Ester Industries Reports 7% Growth in Revenue, Focuses on Sustainability & Expansion
With growing demand for Polyester Film, IP protection for certain marquee products in Specialty Polymers segment, and focus on products promoting recycling and sustainability, we are confident to co..
Read moreRelated Products
Heavy Industrial Ovens
INDUSTRIAL SUPPLIES
Hansa Enterprises offers a wide range of heavy industrial ovens.
High Quality Industrial Ovens
INDUSTRIAL SUPPLIES
Hansa Enterprises offers a wide range of high quality industrial ovens. Read more
Hydro Extractor
INDUSTRIAL SUPPLIES
Guruson International offers a wide range of cone hydro extractor. Read more
latest News
Subscribe to iNoW
For Industry News on WhatsApp, Give a Miss Call on: +91 84228 74016
