Economy

Exports rise 52%; imports surge 83% in June first week

Our Bureau New Delhi | Updated on June 09, 2021

At $7.71 billion, engineering, petro products lead exports basket

Goods exports from the country in the first seven days of June 2021 continued on the fast track growing 52.39 per cent (year-on-year) to $ 7.71 billion led by engineering goods, petroleum products and gems & jewellery.

Imports of goods in the June 1-7 2021 period increased by a sharper 82.91 per cent to $ 9.10 billion compared to the same period last year, per weekly trade trends shared by the Commerce & Industry Ministry on Wednesday. Electronic items, petroleum and precious and semi-precious stones were the top import items.

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The pace of growth in exports and imports in the first week of June was broadly in tune with the increases posted in May 2021. Exports in May 2021 were 67.39 per cent higher at $ 32.21 billion, while imports posted a growth of 68.54 per cent to $ 38.53 billion.

Speedy vaccination and opening up of economic activities in India’s major export markets (USA, EU, UAE and China) are the reasons for continued positive consumer sentiments in these regions, pointed out Prahalathan Iyer, Chief General Manager, Research & Analysis, India Exim Bank.

“Global demand is expected to rebound further with continuous stimulation measures and vaccination drives in the rest of the regions too. Therefore, it is an opportune time to drive conducive policies in support of export growth,” he added.

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Exports excluding POL (petroleum, oil, lubricants) increased by 49.35 per cent to $ 6.42 billion in the first seven days of June 2021 compared to the same period last fiscal. On the other hand, imports, excluding petroleum, increased by 72.79 per cent to $ 7.21 billion over the same period of 2020-21.

Exports of iron ore, oilseeds and spices, however, declined during June 1-7.

USA, UAE and Bangladesh were the top growth export markets for India in the June 1-7 2021 period, while the top countries in terms of growth of imports sources by India were China, USA and UAE.

Published on June 09, 2021

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