Exports grow 52.39% in first week of June
NEW DELHI: India’s exports grew by 52.39% to $7.71 billion during the first week of this month on account of healthy growth in shipments in sectors including engineering, gems and jewellery and petroleum products, according to preliminary data of the commerce ministry.
Imports too rose by about 83% to $9.1 billion during June 1-7.
Exports of engineering, gems and jewellery and petroleum products increased by 59.7% to $741.18 million, 96.38 per cent to $297.82 million and 69.53% to $530.62 million respectively, the data showed.
However, exports of iron ore, oil seeds and spices recorded negative growth during June 1-7.
Imports of petroleum and crude oil jumped by 135% to $1.09 billion. Imports of electronic goods and pearls, precious and semi-precious stones increased by 45.85% to $324.77 million and 111 per cent to $294 million respectively.
Exports to the US, UAE and Bangladesh rose by about 60% to $500 million, 57.86% to $173 million and 212% to $166.3 million respectively.
Similarly, imports from China, the US, and UAE grew by 90.94% to $809.53 million, 89.45% to $410.65 million and 164.55% to about $400 million respectively.
India’s exports grew by 67.39% to $32.21 billion in May, driven by healthy growth in sectors such as engineering, and petroleum products.
India’s exports touched $32 billion in May 2021—over 67% higher than May last year and almost 8% more than the corresponding period in 2019—led by a rise in the shipments of engineering goods, oil products and iron ore.
Although export growth in May 2021 was slower than April, the combined increase still added up to over 12%, giving the government the confidence that it is on course to achieve strong recovery in this segment of the economy, once the impact of the lockdown across a large number of states wears off in the coming months.
“In a way, May was the worst month. Things should be better in the coming months,” said a government official.
In May, gems and jewellery (13.4%), readymade garments (28%) and leather (36%) were among sectors that saw the steepest fall, indicating that labour issues may also have played a part.
In contrast, engineering products (16%), iron ore (155%) and oil products (7%) were among the top performers. Exporters said that the order book remained healthy as vaccination in the US and Europe had resulted in opening up of businesses over the last few weeks.
As a result, even sectors such as gems and jewellery, were seeing good demand from the US and China.