India exported goods worth a record $35.2 billion in July, signalling that the rapid economic recovery in key Western markets is increasing demand for its products, reports Mint.
The record export figure is the fifth consecutive month of exports above $30bn. According to NDTV, it represents a year-on-year increase of 47.9%.
Imports to India were also up to $46.4bn, with the maximum increase in imports coming from the UAE ($3.4bn), Iraq ($2.7bn) and Switzerland ($2.2bn).
The top five commodity groups of export were petroleum products (215.7%), gems and jewellery (130.4%), other cereals (70.3%), man-made yarn and fabrics (58.7%) and cotton yarn and fabrics (48%).
IOE&IT member views sought
The UK is hoping to create a trade partnership with India, and the IOE&IT is currently encouraging members to take part in a government consultation on the matter here.
Members are being asked to feedback on two key areas: priorities and bureaucratic barriers.
UK progress with India
The two countries made progress in May this year, when India and the UK unveiled a 10-year roadmap to include an enhanced trade partnership (ETP) agreement to reduce market barriers and a commitment to double bilateral trade by 2030.
Formal negotiations for a free trade agreement are likely to start later this year.
India has this week been moved to ‘amber’ from ‘red listing’ in UK government advice on countries safe for travel from 8 August. Amber listing means travellers returning from India can quarantine at home and not in a hotel.
Canada growth
Canada has also posted an increase in exports, reports Times Colonist, with an 8.7% increase in June to a record C$53.8bn, with gains in nine of 11 subsectors, including a 22.9% rise in exports of energy products.
According to Reuters, the unexpected figures gave Canada its largest trade surplus in 13 years, at C$3.23bn.
Surprising result
Peter Hall, chief economist at Canada’s export development agency said the figures were “a very pleasant surprise”.
“International supply chains are becoming less encumbered and ... fundamental underlying demand that has been with us all the way along is actually manifesting itself in growth,” he told Reuters.