March exports shows double digit growth of 58.50%, clocking US$ 34 billion compared to March 2020

Reacting to March 2021 export figures, Sharad Kumar Saraf, President, FIEO, said. “The monthly exports showed a whooping double digit growth of almost 58.50 percent clocking USD 34 billion compared to March 2020, showing not only impressive signs of further revival for the sector but for overall economy as well. This has been mainly on account of 28 out of 30 major product group of exports showing either a very impressive high positive growth starting with triple digit and almost all ending with a very high double digit growth defying all the odds during these difficult times.”

FIEO President added that the exports of other cereals, oil meals, iron ore, Jjute mfg. including floor covering, carpet, electronic goods, gems and jewellery, engineering goods, cereal preparations and miscellaneous processed item, rice, spices, cotton yarn/fabrics/made-ups, handloom products etc., meat, dairy and poultry products, ceramic products and glassware, drugs and pharmaceuticals, organic and inorganic chemicals, plastic and linoleum, handicrafts excl. hand-made carpet, marine products, man-made yarn/fabrics/made-ups etc., mica, coal and other ores, minerals including process, petroleum products, RMG of all textiles, coffee, fruits and vegetables, leather and leather manufactures, tobacco, and tea were the sectors, which contributed towards showing such a whooping performance by the exports sector during the month.

Such a whooping growth in exports during the month also helped in taking the merchandise exports to over US$ 290 billion during such difficult and torrid times, which was well forcasted by FIEO said Saraf. FIEO Chief also reiterated that the support and help provided by the government especially the Union Finance Minister and Union Commerce and Industry Minister during these challenging times has been commendable. He also thanked overall exporting community for achieving such figures even during these times. Further an increase in March 2021 imports by about 53 per cent to US$ 48.12 billion compared to the same period during the previous fiscal led to a trade deficit of US$ 14.11 billion, which is an increase of 41.40 per cent during the month is definitely a concern, which should be looked into.