India’s total exports (Merchandise and Services combined) are expected to reach USD 49.85 billion in June 2021, representing a positive growth of 31.87 percent over the same month last year and 17.17 percent over June 2019. Overall imports in June 2021* are expected to be USD 52.18 billion, up 73.65% from the same period last year and a record high.
Merchandise trade increased by 48.3 percent in June, owing to an increase in global orders and a low base effect. Exports increased by 69.7% in May, 193.63% in April, and 60% in March, respectively.
Imports increased by 2% to $41.9 billion in June, compared to $41.8 billion in the same month of 2019. However, given the economy’s demand contraction in the aftermath of the Covid-19 epidemic, even the minor increase in imports becomes significant, according to trade analysts. This will also benefit industries that rely on imports.
Core exports (excluding petroleum and gems and jewellery) increased by 39% in June from the previous year and 33% from June 2019. Core imports increased by 94 percent year over year and by 11% in June 2019. Even ignoring the impact of higher oil prices, this shows that trade growth in June was exceptional in light of the crisis. Trade deficit during the quarter was aggregated at $30.75 billion as against $9.12 billion during April-June 2020.
In June, oil imports were $10.68 billion, up 116.51 percent from $4.93 billion in June of the previous year.
Imports totaled $31 billion in April-June 2021, compared to $13.08 billion in the same quarter the previous fiscal year.
Petroleum (115 percent), man-made yarn, textiles, and made-ups (82 percent), gem & jewellery (81 percent), meat, dairy, and poultry products (62 percent), engineering goods (53 percent), and electronics were among the major commodities or groupings that saw significant year-over-year growth in June (45 percent ).