India's export rise in March shows overall economic revival
India's total exports touched 34 billion U.S. dollars in March, up over 58 percent from the same month last year, according to the latest data released by the ministry of commerce and industry, Trend reports citing Xinhua.
Exports during the financial year 2020-21 (April 2020-March 2021) were 290.18 billion U.S. dollars, compared to 313.36 billion U.S. dollars the previous financial year, recording a negative growth of 7.4 percent, according to the data.
Federation of Indian Export Organizations (FIEO) President Sharad Kumar Saraf said the whopping double-digit growth of almost 58.5 percent in March showed not only an impressive sign of further revival for the sector, but for the overall economy as well.
"This has been mainly on account of 28 out of 30 major product groups 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," said Saraf.
India's total imports in March 2021 were 48.12 billion U.S. dollars, compared to 31.47 billion U.S. dollars in March 2020, thus registering an increase of 52.89 percent.
India remained a net importer in March 2021 with a trade deficit of 14.11 billion U.S. dollars, compared to a trade deficit of 9.98 billion U.S. dollars in March 2020, the ministry's data showed.