New Delhi, NFAPost: India’s exports rose by 48.34% to $32.5 billion in June on account of healthy growth in shipments of petroleum products, gems and jewellery, and chemicals, even as trade deficit stood at $9.37 billion, according to the official data.
According to Ministry of Commerce and Industry data, India’s export recorded growth for the seventh month in a row. Exports in June last year stood at $22 billion and $25 billion in June 2019. In May 2021, outward shipments were worth $32.27 billion and $31 billion in April this year, the data released by the Commerce Ministry on Thursday showed.
Imports in June too rose by 98.31% to $41.87 billion, leaving a trade deficit of $9.37 billion as against a trade surplus of $0.79 billion in the same month last year.
During April-June 2021, the exports increased by 85.88% to $95.39 billion. Imports expanded to $126.15 billion during the first three months of the fiscal as against $60.44 billion in the same period last year, the data showed.
Trade deficit during the quarter was aggregated at $30.75 billion as against $9.12 billion during April-June 2020. The deficit during June has increased as compared to May when it was $6.28 billion.
Oil imports in June were $10.68 billion, which were 116.51% higher compared to $4.93 billion in June 2020. During April-June 2021, the imports stood at $31 billion as against $13.08 billion during the same quarter previous fiscal.
Commenting on the data, Federation of Indian Export Organisations (FIEO) President A Sakthivel said that the need of the hour is to soon notify the RoDTEP rates to remove uncertainty from the minds of the trade and industry.
“ICRA Chief Economist Aditi Nayar said that with surging exports and relatively subdued gold imports in May-June 2021 dampening the aggregate trade deficit to a three-quarter low $31 billion in Q1 FY’2022, “we expect the current account to revert to a small surplus in that quarter,” said A Sakthivel.