July 3, 2021 6:53:28 am
The country’s export of goods rose over 47 percent in June on the back of increased shipments in high value sectors like engineering, petroleum products as well as gems and jewellery, according to preliminary data from the Ministry of Commerce and Industry.
Merchandise exports in June 2021 were $32.46 billion compared with $22.03 billion in the same month last year, when the Covid-19 pandemic was still in full swing around the world. In June 2019, India had exported $25.03 billion worth of goods, according to the ministry.
Imports during the month grew at a faster pace of 96.33 percent to touch $41.86 from $21.32 billion in June 2020, showed data. This is slightly higher than India’s level of imports in June 2019, which were $41.03 billion.
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.
“India is thus a net importer in June 2021, with a trade deficit of $9.4 billion, widened by 1,426.6 percent over a trade surplus of $0.71 billion in June 2020 (India was net exporter in June 2020) and narrowed down by 41.26 percent over a trade deficit of $16.00 billion in June 2019,” the ministry stated in a release.
The country also managed to reach a historic level of exported goods worth $95.36 billion between the April and June quarter this year, according to Minister of Commerce and Industry Piyush Goyal. Merchandise exports stood at $51.44 billion during the same quarter last year and $80.91 billion in 2019.
“Exports during the April-June period are the highest ever merchandise exports in a quarter in the history of India,” said Goyal during a media briefing on Friday.
According to him, such performance was a result of measures like the simplification of procedures.
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.
The government is taking several measures to aid the recovery of India’s economy, which had taken a hit during the first year of the ongoing pandemic, according to the minister. The ministry will be working with all concerned stakeholders to achieve a targeted $400 billion in exports during this fiscal, he said.
The minister also said that more details related to the rates of the Centre’s Remission of Duties and Taxes on Export Products (RoDTEP) would be out “very soon”, as the scheme is at an advanced stage of inter-ministerial discussion.
“It was a colossal task. There are about 11,000 items which need to be studied…,” he said. “We will shortly notify the rates,” he said, adding that this was only a refund of taxes and not a subsidy to any exporter.
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