The country’s exports increased by 60.29 percent to $ 34.45 billion in March this year. However, in FY 2020-21 (FY21), it fell by 7.26 per cent to USD 290.63 billion as compared to the export turnover of a year earlier.
According to the government data released on Thursday, imports also increased by 53.74 percent to $ 48.38 billion in the month of March. But during April-March in the financial year 2020-21, it was down by 18 percent to $ 389.18 billion.
According to the data, the trade deficit increased to $ 13.93 billion in March 2021 from $ 9.98 billion in March 2020. However, during the entire financial year 2020-21, the trade deficit was reduced to $ 98.56 billion which was $ 161.35 billion in 2019-20.
Significantly, the exports of gems and jewelery fell by 25.71 per cent to Rs 1,85,952.34 crore in the last financial year 2020-21 compared to the previous year. Industry Organization Gems and Jewelery Export Promotion Council (GJEPC) said that the export figures have come down due to the bottlenecks caused by the Kovid-19 epidemic. In the previous financial year 2019-20, the export of gems and jewelery was Rs 2,50,319.89 crore.
GJEPC Chairman Colin Shah said in a statement released on Monday, “The year 2020-21 is an exception, but despite this the industry showed a fighting potential. The industry molded itself to the new normal and showed improvement in exports in the second half of the financial year.