April 2, 2021 6:00:58 am
Merchandise exports surged as much as 58.2 per cent year-on-year in March to $34 billion, a record for any month, according to a preliminary estimate of the Commerce Ministry. Imports grew about 53 per cent to $48.1 billion in March, with gold imports surging by 584 per cent.
While the unusual growth in trade was aided by favourable base effects (exports were down by 35 per cent and imports by almost 29 per cent in March 2020 in the wake of the Covid-19 pandemic and a lockdown from March 25), it also signals the worst is over and the supply side is able to respond better to a pick-up in demand from key markets.
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