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Thursday, August 05, 2021

May exports surge 69.4% on favourable base over last yr; above pre-Covid level

Despite the second wave, exports were over 8 per cent higher than even the May 2019 (pre-pandemic) level, showed the provisional data released by the Commerce Ministry on Tuesday.

By: ENS Economic Bureau | New Delhi |
June 16, 2021 3:47:26 am
Having witnessed an impressive rate of expansion last fiscal in the wake of the Covid-19 outbreak, drug and pharmaceutical exports dropped by 5.4 per cent in May to $1.9 billion, thanks to decreasing Covid cases in the US and the EU.

Merchandise exports surged over 69 per cent in May from a year before to $32.3 billion, driven by a favourable base and improved demand from key markets.

Despite the second wave, exports were over 8 per cent higher than even the May 2019 (pre-pandemic) level, showed the provisional data released by the Commerce Ministry on Tuesday.

Having witnessed an impressive rate of expansion last fiscal in the wake of the Covid-19 outbreak, drug and pharmaceutical exports dropped by 5.4 per cent in May to $1.9 billion, thanks to decreasing Covid cases in the US and the EU.

Goods exports have now crossed the pre-Covid (same months in 2019) level for three straight months.

Imports, too, grew close to 74 per cent to $38.6 billion in May, as the base remained conducive and domestic demand recorded a fragile recovery. However, the imports were still down by over 17 per cent from the May 2019 level. Petroleum imports surged by 179 per cent to $9.5 billion. —FE

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