'Foreign trade sector recovering in balanced manner': Commerce Secy Anup Wadhawan

Commerce Secretary Anup Wadhawan, while speaking at a conference on foreign trade issues on Friday informed that the foreign trade sector is recovering in a balanced manner. He further added that there has been a positive performance in April 2021. 

Commerce Secretary Wadhawan also mentioned that import growth was lagging, but it is improving. 

"April 2021 performance is positive. Overall, the foreign trade sector is recovering in a balanced manner. Import growth was lagging, to some extent there is slight convergence, but on the whole, recovery is balanced and in favour of greater export recovery," said Secretary Anup Wadhawan. 

On a positive note, the secretary informed that the country is not facing any major issue on logistics amid COVID-19 restrictions. He said that problems did arise but due to constant efforts, it has been contained. According to Wadhawan, tariffs have increased on an international level, but no major limitations have been witnessed. 

New markets arising

Anup Wadhawan continued that India is witnessing new opportunities in the export of products like rice which is now being bought by nations including South East Asia. The Pharmaceuticals sector has also expanded in a diversified way. There is a "secular improvement" in the trade balance. 

India has displayed a positive growth of 93.21 per cent like last year, informed Ministry of Commerce and Industry. 

"India's overall exports (Merchandise and Services combined) in Apri l2021 are estimated to be USD 51.79 Billion, exhibiting a positive growth of 93.21 per cent over the same period last year," informed an official release by the Ministry of Commerce and Industry. 

Growth in import

While speaking about growth in imports, the Commerce Secretary added that the overall imports in April 2021 are estimated to be USD 58.72Billion, showing a positive growth of 122.24 per cent, as exports, over the same period last year. There is a hope of growth in current financial year 2021-22 by the government as the exports out of India are on a rise. In April 2020, the exports were shrinking however, activities have been enhanced, as per the Commerce secretary.

(Inputs from ANI) (Image: ANI)