India exports jumped 47 per cent in June, but last month’s net trade deficit stood at $9.6 billion due to a 96 per cent rise in imports. During the April-June quarter, exports jumped to $ 95.36 billion.
Total exports for the April-June quarter hit an all-time high.
The Commerce Ministry said on Friday that the country’s exports increased by 47.34 per cent to $ 32.46 billion in June due to better performance of sectors like engineering, gems and jewelery and petroleum products. At the same time, the trade deficit (Trade Deficit in June) stood at $ 9.4 billion during the month.
Exports stood at $22 billion in June last year and $25 billion in June 2019. In May 2021, exports stood at $ 32.27 billion while in April was $ 31 billion. Imports in June 2021 increased by 96.33 per cent to $41.86 billion from $21.32 billion in June last year. Import in June was $ 41 billion in June 2019. The ministry said in a statement, “India remained a net importer in June 2021 with a trade deficit of $9.4 billion. This is 1,426.6 per cent higher than the trade surplus of $0.71 billion in June 2020, while it is 41.26 per cent lower than the trade deficit of $16 billion in June 2019.
First quarter exports stood at $95.36 billion
During April-June this year, exports jumped to $95.36 billion from $51.44 billion in the same quarter a year ago. Commerce and Industry Minister Piyush Goyal said in a conversation with reporters, “The export of goods in the April-June quarter of this year is the highest ever in any quarter in the history of the country.” Exports of goods were $ 82 billion in the June quarter. Whereas in the last quarter of the last financial year 2020-21, exports were $ 90 billion. He also said that the ministry will work closely with all stakeholders to achieve the export target of $400 billion in the current financial year.
61 percent jump in imports in the first quarter
Imports stood at $126.14 billion in the April-June quarter of the current fiscal. This is 60.65 percent more than the corresponding quarter last year. Oil imports increased to $10.68 billion in June this year from $4.97 billion in June 2020 a year ago. According to the ministry, “Oil imports stood at $ 31 billion during the April-June quarter. This is 136.36 percent more than the $ 13.12 billion in April-June 2020. At the same time, the April-June quarter of 2019 shows a decrease of 12.33 percent against $ 35.36 billion. “Exports of engineering goods, petroleum products and pharmaceuticals in the first quarter of the current financial year are $25.9 billion, $12.9 billion and $ 5.8 billion respectively. Stayed.
Service exports will continue to accelerate
Goyal also said that the export sector has performed well due to easing of procedures, extension of timelines and license period. In terms of service exports, he expressed hope that this export could go up to $350 billion by 2025 and $500 billion soon. Regarding Rebate of Duty and Taxes on Export Products (RODTEP), the minister said that it is at the stage of inter-ministerial discussion and has progressed a lot.
Ongoing work on foreign trade policy
Regarding the foreign trade policy, Goyal said that the ministry is working on it and it is being looked into whether new things can be included to further promote foreign trade. “Hopefully we will bring it up by October,” he said.
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