This page is for information purpose only. Interested exporters may contact APEDA – Agricultural & Processed Food Products Export Development Authority at apeda.gov.in
India’s overall exports, covering merchandise and services, were reported at US$528.5 billion during the financial year 2019-20 (down 1.4 per cent y-o-y). Similarly, overall imports during the period were recorded at US$598.6 billion (down 6.3 per cent y-o-y). While the Indian economy had shown signs of slowdown during the year, the negative growth in foreign trade can be largely attributed to the sharp decline in both exports and imports during February and March 2020, due to the global impact of COVID-19 pandemic. The downward trend is expected to continue in the next few quarters as well, not just for India, but globally.
However, on the back of India’s growing manufacturing, R&D and services capabilities, which helped tackle international trade uncertainties and cyclical economic downturn in the past, India is confident of being one of the first countries to bounce back. With constant expansion in capacity and skills, India’s export market – merchandise as well as services – has been expanding into new geographies, by pursuing geography-specific and product-specific strategies to increase market share.
In a nationally televised address on May 12, 2020, the Prime Minister called for turning the pandemic crisis into an opportunity to build a self-reliant India (Atmanirbhar Bharat Abhiyan). The Government announced a stimulus package of Rs.21 trillion (US$280 billion), amounting to about 10 per cent of India’s GDP, to revive and strengthen the economy.This was followed by second and third stimulus packages announced in October and November 2020 respectively, taking the total value of stimulus measures to Rs. 29.87 trillion.
The implementation of Atmanirbhar Bharat package and calibrated unlocking of the economy have ensured that economic recovery in India has gained momentum. The total exports (merchandise and services) for the period April 2020 to February 2021 stood at US$ 439.64 billion, while total imports were valued at US$ 447.44 billion, resulting in a Trade Deficit of US$ 7.80 billion during the period.
Further, as per the preliminary trade data for March 2021, released on 1 April 2021, Indian merchandise exports crossed US$ 34 billion for the first time ever in a month. India’s merchandise exports in March 2021 were US$ 34.0 billion as compared to US$ 21.49 billion in March 2020, an increase of 58.23%. Merchandise imports during March 2021 were US$ 48.12 billion as compared to US$ 31.47 billion in March 2020 an increase of 52.89%.
As on March 26, 2021, India’s total foreign exchange reserves stood at US$ 579.285 billion. Link
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