Defying the Covid-19 pandemic: Buoyant exports of core products signal trade edge

By Banikinkar Pattanayak9 days ago

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Indias exports of 'core' products, or goods excluding petroleum and gems & jewellery, have accelerated at a quicker pace than that of overall merchandise exports month after month since May 2019, belying even Covid-induced disruptions.

In February 2020, when Covid-19 was yet to take roots in India, core exports had grown at 5.7%, while total goods exports had inched up by only 3.3%

Indias exports of ‘core’ products, or goods excluding petroleum and gems & jewellery, have accelerated at a quicker pace than that of overall merchandise exports month after month since May 2019, belying even Covid-induced disruptions.

The core exports, which reflect the economys competitiveness in external trade, grew 60.7%, year-on-year, in March to $27.3 billion, compared with a record 58.2% jump in overall goods exports to $34 billion, according to a preliminary estimate of the commerce ministry. Of course, the record surge in March was greatly aided by a base effect (exports had crashed in March 2020 due to the pandemic and the beginning of a lockdown). Nevertheless, the pace of growth was still encouraging.

While Covid-19 has hit exports of all products, what comes as a relief is the sustenance of the greater momentum in core exports than in overall outbound shipments.

In February 2020, when Covid-19 was yet to take roots in India, core exports had grown at 5.7%, while total goods exports had inched up by only 3.3%, showed the data available with the Directorate General of Commercial Intelligence and Statistics.

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