adplus-dvertising

Record exports in July, 33 per cent of $400 billion FY22 aim met

Led by petroleum products, gems and jewellery, and engineering goods, India’s exports rose 47.9% on-year to a record $35.17 billion in July.

Preliminary data released by the government showed that India’s merchandise exports in July were an increase of 34% over July 2019. Imports were at the second highest at $46.4 billion, leaving a wider trade deficit of $11.23 compared to $9.4 billion in June and $5.33 billion a year ago.

“Make in India, Make for the World: India’s merchandise exports in July 2021 was $35.17 bn, an increase of 34% over July 2019. PM @NarendraModi ji’s vision for Aatmanirbhar Bharat has given a boost to exports,” commerce and industry minister Piyush Goyal said in a tweet.

India’s outbound shipments in the first four months of FY22 are $130.56 billion, up 73.8% over the corresponding period last year.

“Till July, India’s merchandise exports have reached 32.64% of $400 billion,” the commerce and industry ministry said, adding that the target for the remaining eight months is $269.44 billion or $33.68 billion per month.

Geography-wise, the top increases in exports were seen to the US, UAE and Belgium while imports from the UAE, Iraq and Switzerland rose the most. The top import items were crude oil, gold and precious stones, and vegetable oil.

“This is the highest-ever exports recorded at least in the previous nine years,” said A Sakthivel, president, Federation of Indian Export Organisations (FIEO), adding that this demonstrates the strength and resilience of the exports sector.

Highlighting that global demand during this period has also remained buoyant as the order booking positions of the exporters have still been impressive, Sakthivel said that it also is a sign that global trade is recovering fast.

Imports of gold were up 135.5% to $2.42 billion and those of pearls, precious and semi-precious stones were $1.68 billion in July while imports of transport equipment, project goods and silver shrank last month.

Stay connected with us on social media platform for instant update click here to join our  Twitter, & Facebook

We are now on Telegram. Click here to join our channel (@TechiUpdate) and stay updated with the latest Technology headlines.

For all the latest Education News Click Here 

 For the latest news and updates, follow us on Google News

Read original article here

Denial of responsibility! TechiLive.in is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.