India is a part of the Export Import Trade since Ancient times. Export is International trade in which goods and services produced from a nation are sold to the buyer of various countries. Export allows you to expand your business worldwide and earn more profit. Indian Exim Industry grew with advancement and development of Export Import Courses.
Why Export is Important
- Exports plays a crucial role in revenue generation and economic growth of a country.
- It offers business owners wider global market.
- Bigger markets will held to earn more profit than domestic.
- Benefits given by government.
- Help in creating more employment.
- Maintain healthy relationship between two countries.
- Exchange of foreign currencies.
When a country exports more than it imports, it directly impact economic growth of the country due to high fund flow.
This Pandemic was tough for many of us. It challenges and opportunities for many, and those who overcame their challenges changed the world for good. The Exim Industry witnessed growth like never before and Indian Exporters earned huge revenue when other businesses were facing severe crisis and loss!
India’s Exports this July:
India’s merchandise exports rose to a record high of $35.2 billion in July 2021. The export boost has led to a sharper economic of the country after the second Covid-19 wave. India’s economy has been recovering steadily after the deadly second wave of Covid-19 dented the GDP growth outlook. One of the factors that played a key role in the recovery is the improvement in merchandise exports.
Merchandise exports from India hit a record high of $35.2 billion in July 2021 — the highest-ever monthly figure in the history of India. It is an increase of 47.91 per cent over $23.78 billion in July 2020 and an increase of 34 percent over $26.23 billion in 2019. The government has set a merchandise exports target pf $400 billion for year 2021-22 and $1 trillion in the next five years.
Petroleum Products leads the export cart with rose of 65 percent, followed by engineering goods with rose of 50 per cent and inorganic chemicals with rose of 36 percent. A spike in oil exports boosted the overall merchandise exports to a high level record in July. The country’s exports are likely to rise further as global trade activity gains momentum.
The data released by the Ministry of Commerce indicates that Indian exports have gradually grown after the first wave of the Covid-19 disrupted world trade. In 2021, Indian exports seem to be rising faster than ever.
Exports remained above $30 billion for the fifth consecutive month in July with the previous peak in March at $34.5 billion. Total exports during the first four month of 2021 stands at $130.6 billion, which is 22 percent higher than 2019.
Imports of gold were up 135.5% to $2.42 billion and pearls, precious and semi-precious stones were $1.68 billion in July. While imports of transport equipment, project goods and silver shrank last month. Imports during the first four month of the year increased by 94 percent to $172.5 billion.
From India the maximum increase in exports were to US with $6.7 billion than UAE with $2.3 billion, followed by Belgium with $826 million. While India witnessed maximum fall of export with Malaysia, Iran, and Tanzania.
Explaining why Exports Surged this July:
The Exim Industry has been a ray of hope for millions this year. The Export Import Business grew because the global need was still there and India had the resources to fulfil the same.
Indian Exporters changed and re-furnished many strategies in order to complement the increase of Exports from India. With other businesses crumbling and falling left and right, export import trade flourished.
The export of Petroleum increased from India since the middle east was also affected by the pandemic.
The world’s policy of having another option for when China is not able to fulfil the world’s demand was an added benefit for the increase in India’s exports. The world’s economic giants, looking at the Pandemic had decided that their reliance, majorly, on China for the supply of goods and commodities might turn out to be more dangerous than they had thought out to be.
Rising exports are a good sign for India as we are still recovering from Covid-19 economic shock. With the implementation of lockdown measures to stop the spread of Covid-19 export and imports dropped in the first few months of 2020-21.
India is rich in resources and Indian Exporters are in the export import Trade for a long time to sense the opportunity and dive deep into it! Indian Exporters had this sense of supplying the needful to the world and strategize accordingly. If you still are wondering which product to start with import export training courses will assist you in International Trade.
Digital exim provides you best import export consultancy services with over 33+ years of experience in international trade. Our trade managers can solve your any problem with personal consultancy. Digital Exim provides India’s only Integrated Export, Import, Shipping, & Logistics Program. We are one of the best because we are not an institute we are providing you consultancy.
Your export trade too can make you a millionaire if you make the right choices. You can easily earn more than your peers by investing properly. The Export Import Trade can be your ‘Big Thing’ but you need to take some steps in the right direction.
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