58.2% growth in merchandise export
Export of goods rose by 58.2% year over year (yoy) during March 2021, reaching US$ 34 billion, according to data released by the Ministry of Commerce and Industry. Gems and jewellery exports rose by 75% yoy, reaching US$ 1.5 billion while for engineering goods, the exports reached US$ 3.8 billion, experiencing a growth of 70% yoy. Export of non-petroleum and non-gems and jewellery goods has experienced a yoy growth of 61%.
Imports of goods during March grew by 53% yoy, with largest import growth in gold at 584%. Total import during March 2021 stood at US$ 48.1 billion. Import of electronic goods in March’21 were US$ 2.5 billion (77% yoy growth) while import of machinery stood at US$ 1.6 billion (60% yoy growth). As a result of improvement in imports, trade deficit increased to $14.1 billion in March from $12.6 billion in February.
Partly, the growth in trade has been due to favorable base effects, while it also shows the worst is over and the supply side is able to meet the pick-up in demand from key markets. However in coming months, base effect will be a continuous support for the growth in trade.