Foreign trade sector recovering in balanced manner, says Commerce Secretary

Commerce Secretary Anup Wadhawan on Friday informed that the foreign trade sector is recovering in a balanced manner.

While speaking at a conference on foreign trade issues, Wadhawan said, "April 2021 performance is positive. Overall, the foreign trade sector is recovering in a balanced manner. Import growth was lagging, to some extent there is slight convergence, but on the whole, recovery is balanced and in favour of greater export recovery."

Wadhawan also spoke on export logistics amid COVID-induced restrictions. He said, "There is no major issue on logistics. There were problems, but through concerted efforts they have been largely resolved. To some extent, tariffs have gone up globally, but no major constraint."

 

"To an extent, there's secular improvement in our trade balance. Recovery shows that in some sectors we have new markets, like rice we were not exporting to nations which are now buying from us including South East Asia. Pharmaceuticals' export is also diversified now", he said.

India's overall exports (Merchandise and Services combined) in Apri l2021 are estimated to be USD 51.79 Billion, exhibiting a positive growth of 93.21 per cent over the same period last year, informed an official release by Ministry of Commerce and Industry yesterday.

Also, overall imports in April 2021 are estimated to be USD 58.72Billion, exhibiting a positive growth of 122.24 per cent over the same period last year.

On April 20, Wadhawan had said that exports out of India are on an upswing and the government is hopeful of positive growth in the current financial year 2021-22. The exports recorded a significant contraction in April last year but activities have started gathering momentum, he had said.