The country’s merchandise exports rose for the seventh straight month in June 2021 to $32.5 billion, up 48.34 per cent year-on-year, revised trade deficit data released by the government showed on Thursday, July 15. Imports in June also increased by 98.3 per cent to $41.87 billion, driven by oil and gold, resulting in a trade deficit of $ 9.37 billion, showed foreign trade data released by the Ministry of Commerce. (Also Read: At $95 Billion, India Reports Highest Ever Exports In A Quarter )
The growth in exports was driven by shipments of petroleum products, gems and jewellery, and chemicals, leather, and marine goods. The commodity groups of exports which recorded de-growth in June 2021, compared to the same month last year are oil seeds (32.75 per cent), tea (18.54 per cent), cashew (24.45 per cent), and spices (11.31 per cent).
Oil imports in June 2021 stood at $10.68 billion, which were 116.51 per cent higher compared to $ 4.93 billion in the year-ago period. The major commodity group of imports which registered de-growth last month include silver at 91.39 per cent and project goods at 12.49 per cent.
During the April-June quarter of the current fiscal, exports increased by 85.88 per cent to $ 95.39 billion, while imports rose to $126.15 billion, compared to $60.44 billion in the corresponding period last year.
The government data also showed that the country’s overall exports, including merchandise and services combined, in June 2021 are estimated to be $ 49.85 billion, recording a growth of 31.87 per cent, compared to the corresponding period last year, and a growth of 17.17 per cent over June 2019 (pre-pandemic).