India’s exports have been reaching record highs in 2021. This clearly signals a sharp rise in the demand of goods in the rest of the world. Exports are expected to rise further as global trade activity gains momentum. Indian exports have remained over $30 billion for five consecutive months.
The top five commodity groups that Indian exported most during July 2021 were petroleum products (215%), gems and jewellery (130%), other cereals (70.25%), man-made yarn and fabrics (58 per cent) and cotton yarn and fabrics (48.02%). The maximum increase in exports by value were to the United States ($6.7 billion), the United Arab Emirates ($2.4 billion) and Belgium ($826 million). However, exports to Malaysia, Iran and Tanzania declined substantially. This expected growth however, can be hampered in the short term by the container shortages. This shortage and other latest updates are discussed below:
Drugs and Pharma sectors lead growth in India’s exports from SEZs (Source)
Led by drugs and pharmaceuticals, India’s exports from special economic Zones (SEZs) rose by 41.5 per cent on a year-on-year basis to Rs 2.15 lakh crore in Q1FY22. Exports from these zones had taken a hit during the fiscal year 2020-21 due to Covid disruptions and lockdown.
The main reasons for the growth in exports from SEZs in April-June quarter has been good performer shown by drugs and pharmaceuticals sectors that are meeting the global needs of medicines amidst the pandemic. In FY21, exports from SEZs fell to Rs 7.6 lakh crore from Rs 7.97 lakh crore in FY20 due to Covid-19.
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Mobile Phone Exports up 250% in Q1 (Source)
Mobile phone exports from India grew a massive 250% year on year in April-June quarter. The country has seen sharp decline in mobile phone imports over the past year, dropping to Rs 600 crore in the first quarter of 2021-22, from Rs 3100 crore a year ago.
Mobile phone exports during the first quarter of 2021-22 stood at Rs 4600 crore, up over three times from the Rs 1300 crore in the same quarter in 2020-21
India’s coal import rises 50% to 19 million tonnes in June (Source)
India’s coal import rose 50 per cent to 18.77 million tonnes (MT) in June this year, when compared to the shipments arrived in the same month of 2020. The country had imported 12.51 MT of coal in the corresponding month a year ago. Of the total imports in June, non-coking coal was at 13.05 MT, against 8.28 MT imported in June last fiscal. Coking coal import was at 4.06 MT, up against 2.46 MT imported in June last financial year.
During the June quarter, non-coking coal import was at 42.01 MT, against 31.09 MT imported during April-June last fiscal. Coking coal import was recorded at 13.21 MT, against 8.87 MT imported during the same quarter a year ago.
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