The first week of the new financial year, from 1-7 April, India saw its exports zoom by nearly 300 per cent on a year-on-year (YoY) basis led by engineering goods, gems and jewellery, and petroleum products .
The exports jumped up by a whopping 297.2 per cent to $6.79 billion. Meanwhile, during the week, imports into India also recorded a robust rise of 244.2 per cent to $9.66 billion on a YoY basis. The imports were led by crude, petroleum, and electronics.
It should be noted that the same period in 2020 was hit by the nationwide lockdown. The exports in the first week of April last year had fallen by a steep 72.7 per cent to $1.71 billion. Therefore, a part of the surge in exports this year could be attributed to the low base.
Meanwhile, exporters have lately begun to report that their order books have started to turn positive and that there is fresh interest in Indian products. This gains significance as bygone March had also seen the exports surge by robust 58.23 per cent to $34 billion.