India Export Data 2021 – India witnessed record-breaking exports in the year 2021 after the 2nd wave of Covid-19. The country’s GDP had been hit due to the 1st and 2nd waves of Covid-19. However, India’s exports rose high in 2021, helping India’s economy to recover from the pandemic.
India Export Data 2021 – Exports in 2021
For the first time, India’s exports crossed $300 billion in the first three quarters of 2021-22. It was an increase of 48.8% from April-December in FY 2021.
In July 2021, the exports accounted for $35.43, an increase of over 49.85% from July 2020.
In September 2021, the exports grew 22.63% from September 2020, amounting to $33.79 billion.
December 2021 saw the highest record of $37.29 billion, an increase of 37% from December 2020.
Piyush Goyal, Commerce and Industry minister confirmed that India would be able to achieve the goal of $400 billion exports in this fiscal year.
Must Read: Indifi business loan small business
India Export Data 2021 – India export statistics 2021
The following sectors experienced growth in exports:
- Engineering Goods: An increase of 37%
- Electronics: An increase of 33%
- Readymade Garments: An increase of 22%
- Gems and jewellery: An increase of 16%
Why are Exports important?
Exports are the goods and services produced in one country and sold to other countries. The sellers and buyers can be government as well as private individuals/companies.
Exports are crucial for a country’s GDP and economic growth. Exports and imports are the foundation of the international trade of a country. They also help to increase production output and domestic jobs.
Export-import impacts the country’s exchange rates, inflation rates, and interest rates.
An economy needs to maintain its export-import balance.
Lower exports and higher imports can lead to a trade deficit and currency devaluation.
Higher exports and lower imports can lead to a trade surplus and currency appreciation.
Hence, maintaining the trade balance is essential for a stable economy.
India Export Data 2021 – India’s Foreign Trade
India experienced growth in exports as well as imports in 2021. After a slowdown in 2020, India’s global trade picked up in 2021. Hence, India recorded an increase in imports for over 38.06% at $59.27 billion.
In 2021, India increased its export of finished products along with raw materials. After industrial and agricultural raw materials, engineering products and electronics contributed immensely to India’s exports.
The United States, China, and United Arab Emirates are India’s largest trade partners for over a decade now. Before the pandemic and Indo-China talks, China was in the first position in terms of trade with India. Although imports from China decreased in 2020 due to new import policies and restrictions, 2021 saw a surge in imports from China. However, India is moving towards self-dependence and domestic value addition to lower the import dependence from China.
Switzerland became India’s fourth-largest trade partner in 2021. India imported $23 billion of gold in January-October 2021 from Switzerland. The value in the previous year stood at $5 billion for the same period.
In terms of exports, Bangladesh took fourth position as India’s trade partner. India exported $895 of rice to Bangladesh in 2021. Other exports included limestone, sugar, and cotton.
India’s export increased in various countries including Nepal, Indonesia, Netherlands, Belgium, Turkey, and Australia.
India Export Data 2021 – IndiaXports
IndiaXports is a portal that was launched in September 2021, to boost exports of the country. The initiative helps MSMEs in accessing all the information related to exports, markets, and tariff lines free of cost. The initiative has been taken in view of attaining the goals of $400 billion exports in FY 2021-2022 and $ 1 trillion exports by 2027.