Exports rise 3-fold in April to $30.6 bn; forex at $589 bn

 

India's exports in April jumped nearly three-fold to USD 30.63 billion from USD 10.36 billion in the same month last year, according to government data released on Friday.

IMAGE: Kindly note that this image has been posted for representational purposes only. Photograph: Reuters.

Imports too rose to USD 45.72 billion last month as against USD 17.12 billion in April 2020, the data showed.

Trade deficit widened to USD 15.10 billion as against USD 6.76 billion in April 2020.

Exports in April last year had plunged by a record 60.28 per cent due to the Covid-19 pandemic induced lockdown.

In March this year, exports grew by 60.29 per cent to USD 34.45 billion.

Due to the low base effect, exports in April 2021 recorded a growth rate of 195.72 per cent.

Oil imports stood at USD 10.8 billion as compared to USD 4.66 billion in the corresponding month last year.

Major export commodities which have recorded positive growth in April include gems and jewellery, jute, carpet, handicrafts, leather, electronic goods, oil meals, cashew, engineering, petroleum products, marine products and chemicals.

Meanwhile, the country's foreign exchange reserves increased by USD 1.444 billion to USD 589.465 billion in the week ended May 7, 2021, RBI data showed.

In the previous week ended April 30, 2021, the reserves had risen by USD 3.913 billion to USD 588.02 billion. The reserves had touched a lifetime high of USD 590.185 billion in the week ended January 29, 2021.

During the reporting week ended May 7, 2021, the increase in reserves was on account of a rise in foreign currency assets (FCA), a major component of the overall reserves.

FCA rose by USD 434 million to USD 546.493 billion in the reporting week, the Reserve Bank of India's (RBI) weekly data showed.

Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.

Gold reserves surged by USD 1.016 billion to USD 36.48 billion in the reporting week, the data showed.

The special drawing rights (SDRs) with the International Monetary Fund (IMF) were down by USD 4 million to USD 1.503 billion.

The country's reserve position with the IMF declined by USD 1 million to USD 4.989 billion in the reporting week, the data showed.