NEW DELHI: A last minute scramble by companies to beat Donald Trump’s reciprocal tariffs may have helped India come close to FY24 goods level export of $437 billion, senior officials said.
Apple is said to have shipped five planeloads of iPhones and other products to the US over just three days to stock up its warehouses and ensure prices don't surge.
In its edition on Saturday, TOI had reported that Apple had shipped an "unusually high" number of shipments from both India and China despite this being a lean season. The trend was seen in the case of other electronics products too. an official said.
Also read: Stocked-up Apple buys time, may not pass on duties soon
Gems and jewellery players also stepped up exports amid pressure from American buyers. Between April 1 and 4, gems and jewellery exports to the US through the precious cargo clearance system for customs in Mumbai soared nearly six-fold to $344 million, compared with $61 million in the same period last year. This was probably to beat the 10% tariffs that kicked in at midnight Saturday. Apparel shipments were similarly fast-tracked.
March bump may help India exports top $800bn in FY25
India's goods and services exports are estimated to have topped $800 billion during the fiscal year ended March.
India's goods exports had declined 3% in 2023-24 and cumulative exports had reached $778 billion. A few weeks ago, commerce and industry minister Piyush Goyal had nudged exporters to step up the flow of consignments during the last fortnight of the last fiscal year. The prod came after a 11% decline in exports during Feb, which was estimated at $36.9 billion, compared with $41.1 billion in Feb 2024.
"There was a significant increase in exports during the last week of March," confirmed Kirit Bhansali, chairman of the Gems & Jewellery Export Promotion Council. Initial estimates suggested that gems and jewellery exports stayed flat at $1.7 billion in March.
"There was an increase in sectors where it was possible to transport goods by air to the US. I am expecting exports of over $40 billion in March 2025," said Ajay Sahai, director general, Fieo. In March 2024, exports amounted to $41.6 billion. Trade data is due to be released on April 15.
On its part, govt is seeking to target an increase in goods exports during the current financial year even as it believes that growth in services can be sustained as India enjoys a strong competitive advantage due to a vast skilled workforce across sectors. A senior govt official said lower oil prices would help manufacturers, while retailers in the US will reduce the high margin for several goods to offset the impact of high tariffs. Usually, there is a surge in external trade in March. Due to the tariff threat, there was a lot of uncertainty among businesses, an industry source said.
With stocks in their warehouses, companies are hoping to reduce some of the blow for consumers although exporters said it may affect the volume of goods shipped during the first quarter of the current fiscal year. Exporters are hoping that over the next few months, uncertainty will also ease, putting trade back on track.
Apple is said to have shipped five planeloads of iPhones and other products to the US over just three days to stock up its warehouses and ensure prices don't surge.
In its edition on Saturday, TOI had reported that Apple had shipped an "unusually high" number of shipments from both India and China despite this being a lean season. The trend was seen in the case of other electronics products too. an official said.
Also read: Stocked-up Apple buys time, may not pass on duties soon
Gems and jewellery players also stepped up exports amid pressure from American buyers. Between April 1 and 4, gems and jewellery exports to the US through the precious cargo clearance system for customs in Mumbai soared nearly six-fold to $344 million, compared with $61 million in the same period last year. This was probably to beat the 10% tariffs that kicked in at midnight Saturday. Apparel shipments were similarly fast-tracked.
March bump may help India exports top $800bn in FY25
India's goods and services exports are estimated to have topped $800 billion during the fiscal year ended March.
India's goods exports had declined 3% in 2023-24 and cumulative exports had reached $778 billion. A few weeks ago, commerce and industry minister Piyush Goyal had nudged exporters to step up the flow of consignments during the last fortnight of the last fiscal year. The prod came after a 11% decline in exports during Feb, which was estimated at $36.9 billion, compared with $41.1 billion in Feb 2024.
"There was a significant increase in exports during the last week of March," confirmed Kirit Bhansali, chairman of the Gems & Jewellery Export Promotion Council. Initial estimates suggested that gems and jewellery exports stayed flat at $1.7 billion in March.
"There was an increase in sectors where it was possible to transport goods by air to the US. I am expecting exports of over $40 billion in March 2025," said Ajay Sahai, director general, Fieo. In March 2024, exports amounted to $41.6 billion. Trade data is due to be released on April 15.
On its part, govt is seeking to target an increase in goods exports during the current financial year even as it believes that growth in services can be sustained as India enjoys a strong competitive advantage due to a vast skilled workforce across sectors. A senior govt official said lower oil prices would help manufacturers, while retailers in the US will reduce the high margin for several goods to offset the impact of high tariffs. Usually, there is a surge in external trade in March. Due to the tariff threat, there was a lot of uncertainty among businesses, an industry source said.
With stocks in their warehouses, companies are hoping to reduce some of the blow for consumers although exporters said it may affect the volume of goods shipped during the first quarter of the current fiscal year. Exporters are hoping that over the next few months, uncertainty will also ease, putting trade back on track.
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