India’s exports rose 47.34 per cent to $32.46 billion in June on account of a 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 preliminary data released by the commerce ministry on Friday.
Exports stood at $22 billion in June 2020 and $25 billion in June 2019. In May 2021, the outward shipment was worth $32.27 billion, while in April it was $31 billion.
Imports in June 2021 grew 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 a net importer in June 2021 with a trade deficit of $9.4 billion, widened by 1426.6 per cent over trade surplus of $0.7 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.
Exports during the April-June quarter this year jumped to $95.36 billion from $51.44 billion a year ago.
Merchandise exports were at $82 billion during April-June 2018-19 and $90 billion during the last quarter of 2020-21.
“The highest-ever quarterly growth in exports not only shows the resilience of exports but also the strength of the economy,” FIEO president A. Sakthivel said.
“Non oil, non gold imports jumped to $30.2 billion in June 2021 from $28.5 billion on an average in the last two months, reflecting a pickup in demand with the gradual unlocking as well as the high commodity prices,” said Aditi Nayar, chief economist of Icra.