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.