After hitting a record $35.2 billion (about ₹2.6 trillion) exports in July, Indian shipments in August started off well garnering $7.4 billion in the first week of the month. While non-petroleum, non-gems and jewellery imports grew 53.3% signalling significant pick-up in domestic economic activities, non-petroleum, non-gems and jewellery exports rose 36.6% during the first week of August. Sectors that saw highest exports growth include engineering goods (63.2%), petroleum products (145.3%), and gems and jewellery (121%), while iron ore, oil meals, oil seeds saw the highest decline in exports during the first week of August. The government has set a merchandise exports target of $400 billion for FY22 and $1 trillion in the next five years. With services exports target at $500 billion, India hopes to be a significant player in world trade in the next five years, with $1.5 trillion combined exports.

Source: Mint August 10, 2021 07:52 UTC