India’s merchandise exports grew 47.34% year-on-year to USD 32.46 billion in June 2021. In the same period last year, merchandise exports stood at USD 22.03 billion. In June 2019, the figure stood at USD 25.03 billion. India’s merchandise exports in Apr-June 2021 was USD 95.36 billion, an increase of 85.36% over USD 51.44 billion in Apr-June 2020 and an increase of 17.85% over USD 80.91 billion in Apr-June 2019.
The major reason behind the healthy growth of exports is the increased exports in sectors such as engineering, gems and jewellery and petroleum products. However, finance ministry data reveals that the trade deficit aggregated at USD 9.4 billion during the month.
“India is thus a net importer in June 2021 with a trade deficit of USD 9.4 billion, widened by 1,426.6 per cent over trade surplus of USD 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 USD 16 billion in June 2019,” the ministry said in a statement.
“Exports during the April-June period are the highest ever merchandise exports in a quarter in history of India,” Commerce and Industry Minister Piyush Goyal was quoted as saying by PTI.
He also said the ministry will work with all the stakeholders concerned to achieve the target of USD 400 billion exports in this fiscal year.
Meanwhile, oil imports in June 2021 surged to USD 10.68 billion, as compared to USD 4.97 billion in June 2020. “Oil imports during April-June 2021 were USD 31 billion, a positive growth of 136.36 per cent compared to USD 13.12 billion in April-June 2020 and a negative growth of 12.33 per cent compared to USD 35.36 billion in April-June 2019,” Finance Ministry said.