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Exports zoom 47% to $32.46 billion in June
Exports zoom 47% to $32.46 billion in June
Sectors such as engineering, gems and jewellery lead this growth; trade deficit at $9.4 bn
New Delhi: The country's exports rose by 47.34 per cent to $32.46 billion in June on account of healthy growth in sectors such as engineering, gems and jewellery and petroleum products, even as trade deficit aggregated at $9.4 billion during the month, according to the data released by the commerce ministry on Friday. Exports in June last year stood at $22 billion and $25 billion in June 2019.
In May 2021, the outward shipment was worth $32.27 billion, while in April this year, it was $31 billion. Imports in June 2021 grew by 96.33 per cent to $41.86 billion, from $21.32 billion in June last year. In June 2019, imports stood at $41 billion.
"India is thus a net importer in June 2021 with a trade deficit of $9.4 billion, widened by 1,426.6 per cent over trade surplus of $0.71 billion in June 2020 (India was net exporter in June 2020) and narrowed down by 41.26 per cent over trade deficit of $16 billion in June 2019," the ministry said in a statement. Exports during the April-June quarter this year jumped to $95.36 billion as against $51.44 billion in the same period last year.
"Exports during the April-June period are the highest ever merchandise exports in a quarter in history of India," Commerce and Industry Minister Piysuh Goyal said briefing the media here. The merchandise exports were recorded at $82 billion during April-June 2018-19 and $90 billion during the last quarter of 2020-21, he said.
He also said the ministry will work with all the stakeholders concerned to achieve the target of $400 billion exports in this fiscal year. Imports during April-June 2021 were at $126.14 billion, an increase from $60.65 billion in the corresponding three months last year. Oil imports in June this year rose to $10.68 billion, as compared to $4.97 billion in June 2020.
"Oil imports during April-June 2021 were $31 billion, a positive growth of 136.36 per cent compared to $13.12 billion in April-June 2020 and a negative growth of 12.33 per cent compared to $35.36 billion in April-June 2019," it said.
Exports of engineering, petroleum products and pharma during the first three months of this fiscal stood at $25.9 billion, $12.9 billion and $5.8 billion, respectively. Goyal also said that simplification of procedures, extension of timelines and licences resulted in the record performance of exports. On services exports, he expressed confidence that the exports would touch $350 billion by 2025, and may even go up to $500 billion very soon.
