India has registered an export of $30.63 billion in April 2021 as compared to $10.63 billion in the same month of last year reflecting a growth rate of 195.72%. In terms of value in Rs, the total exports were Rs 2, 28,071.76 Crore in April 2021 as compared to Rs 78,951.41 Crore in April 2020. In this article, we will discuss India’s Exports Rise To $30.21 Billion In April
India’s Exports Rise To $30.21 Billion In April
This figure of India’s exports rise is something very encouraging for India especially during this tough time of the pandemic. If you see the position of export this is by far one of the best performance of export’s growth in the last five years.
Now the continuation of such a performance hugely depends on the easing down of the lockdown by the respective state governments and the business sentiments across the country, various experts on the export sector have echoed the same.
The overall estimation of export (including merchandise and services) in April 2021 is expected to be $51.79 billion, which is an increase of 93.21 percent over the same period in the last year.
There has been a positive growth rate registered for import as well, it is 7.87 percent in terms of dollars and 15.71 percent in terms of rupees.
When it comes to the trade deficit for April 2021, it is estimated at $15.10 billion as against the deficit of $6.76 billion in April 2021, which is an increase of 123.17 percent.
In April 2021, non-oil imports were estimated at $34.85 billion compared to $12.46 billion in April 2020. Non-oil and non-gold imports have registered a positive growth rate of 129.68 percent as compared to the same items with $ 12.46 billion in April 2020.
Looking at the oil imports of the country, it was $10.87 billion or Rs 80,968.76 Crore when compared to $ 4.66 billion or Rs 35,537.22 Crore in April 2020.
This registered rise in India’s export in the recent month despite the pandemic-like situation and lockdown restrictions could be highly attributed to the Import export code (IEC) and several other governments’ policies related to export.
What is IEC Code or Import Export Code?
The Import export code is a 10 digit identification number that is issued by DGFT (Directorate General of Foreign Trade) is a key factor in smoothing the import-export regime in the country. Since its launch, there has been rapid disposal in the applications of the new registrations for kick-starting the new import-export business in the country.
However, to bring the export back on track and continue to rise, the government needs to resolve certain aspects about import-export of the country such as logistical concerns and availability of workers amidst the second wave of the pandemic.
If the above-mentioned concerns are resolved then we can probably continue to witness India’s export rise continuously.
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If you need any other guidance concerning the IEC Code, please feel free to contact our business advisors at 8881-069-069.
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