The Central Government informed on Wednesday, October 27, 2021, that the country’s exports are growing at a faster pace than before. Taking to the official Twitter handle of MyGov, the Center said that India has now surpassed all G7 countries to register the highest growth in merchandise exports.
According to data released by the World Trade Organisation, India led the G7 nation in terms of growth in merchandise exports, up 47 per cent year-on-year in the January-July quarter.
India exported goods worth $33.44 billion in September, an increase of 21.35 per cent year-on-year. It witnessed a jump of 28.51 per cent as compared to September 2019. During April-September, outbound shipments worth $197.11 billion were exported, up about 57 per cent year-on-year. It also achieved almost half of this fiscal’s export target of $400 billion set by the government.
India stands at the top among major world economies in exports
WTO data also revealed that the 47 per cent growth rate shown by India is the country’s all-time high in exports. For the period January-July (2020 and 2021), India ranked first among the world’s major economies in terms of growth rate in exports. The country is followed by China with 34 per cent and the European Union with 27 per cent.
As per estimates, India’s exports were expected to top trading partners such as the US, EU, countries in West Asia, among others. Exports from India have been rising steadily over the past few quarters, has plummeted for the longest period of time post the COVID-19 outbreak.
Growth rate of all G7 countries & India
- India – 47%
- Italy – 33%
- Canada – 32%
- France – 27%
- Germany – 26%
- Japan – 25%
- USA – 24%
- UK – 20%
WTO raises trade outlook for Asia
Earlier it was noted that India’s export growth prospects were likely to get a boost from the World Trade Organization as its report suggested a larger global merchandise trade outlook for 2021. WTO projections showed key growth projections in Asia in terms of merchandise trade.