Hindustan Times ST (Jaipur)

Exports grow 52.39% in first week of June

- Press Trust of India

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.

 ?? AFP ?? While exports rose to $7.71 billion, imports too grew by about 83% to $9.1 billion.
AFP While exports rose to $7.71 billion, imports too grew by about 83% to $9.1 billion.

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