News Karnataka
Sunday, September 19 2021

Business

Growth Curve: India’s June YoY exports, imports surge as world trade recovers

New Delhi: India’s merchandise exports last month rose to $32.50 billion, higher by 48.34 per cent over $21.91 billion recorded in June 2020, official data showed on Thursday.

Similarly, exports last month recorded a growth of 29.85 per cent growth over the June 2019 mark of $25.03 billion.

The country’s merchandise exports in May 2021 had risen to $32.27 billion.

As per the data, the value of non-petroleum and non-gems and jewellery exports in June 2021 was $25.65 billion, as compared to $18.48 billion during the corresponding month of 2020, registering a positive growth of 38.84 per cent.

“As compared to June 2019, non-petroleum and non-gems and jewellery exports in June 2021 registered a positive growth of 33.42 per cent,” an official statement on foreign trade said.

Similarly, India’s merchandise imports last month rose. It grew by 98.31 per cent to $41.87 billion over $21.11 billion in June 2020.

Parallelly, imports rose by 2.05 per cent over June 2019, at that time, imports stood at $41.03 billion.

In May 2021, India imported $38.55 billion worth of merchandise goods.

“Oil imports in June 2021 were $10.68 billion, which was 116.51 per cent higher in dollar terms in June 2020. As compared to June 2019, oil imports in June 2021 were 4.72 per cent lower in dollar terms and 0.93 per cent higher in rupee terms.”

“Non-oil imports in June 2021 were estimated at $31.20 billion which was 92.77 per cent higher in dollar terms, compared to $16.18 billion in June 2020.”

As compared to June 2019, the non-oil imports in June 2021, were 4.59 per cent higher in dollar terms.

Consequently, the trade deficit in June 2021 widened to $9.37 billion over the trade deficit of $0.79 billion reported during the corresponding month of 2020.

“As compared to June 2019 ((-) $16.00 billion), the trade balance in June 2021 exhibited a positive growth of 41.43 per cent.”

In May 2021, the country ran a trade deficit of $6.28 billion.

“With surging exports and relatively subdued gold imports in May-June 2021 dampening the aggregate trade deficit to a three-quarter low US$31 billion in Q1 FY2022, we expect the current account to revert to a small surplus in that quarter,” said ICRA’s Chief Economist Aditi Nayar.

“In line with the sequential recovery displayed by most high frequency indicators, non-oil non-gold imports rose in June 2021, reflecting a pickup in demand with the gradual unlocking as well as the high commodity prices.”

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