India recorded the highest-ever exports of $95 billion during April-June, up 85 per cent year-on year (YoY) and 18 per cent higher than the first quarter of the fiscal year 2019-20.
“It is also 16 per cent more than the previous highest Q1 exports of FY19 ($82 billion) and is higher than the earlier peak of exports in Q4FY21 ($90 billion),” the commerce department said on Friday.
The merchandise exports grew 47 per cent YoY to $32.46 billion in June, driven by a robust demand of engineering goods, petroleum products, and gems and jewellery in the external markets.
The government is working towards achieving another all-time high of $400 billion merchandise exports target by the end of the current fiscal year, Commerce and Industry Minister Piyush Goyal said in a briefing. The ministry will work with relevant stakeholders to achieve this target, he said.
“Highest-ever merchandise export in a quarter of $95 billion has been achieved in the April to June in 2021 despite the severity of the second wave of Covid-19. Sector-specific interventions, involvement of all the stakeholders and functioning of the government as a whole helped in achieving the growth,” he said.
The minister hopes services exports in the next five years will touch $500 billion.
Commerce Secretary BVR Subramanian said the $400-billion target would be achieved by disaggregating the aim product and sector wise. Besides, the government will try to achieve a target of $500 billion in FY23 and $1 trillion merchandise exports annually by the next five years.
Subramanian said several labour-intensive sectors had seen rapid export growth. “The exports in the engineering goods sector rose by $5.2 billion over Q1FY20. Likewise, rice exports growth has remained positive since May 2020 and rose by 37 per cent in Q1FY22, compared to Q1 of 2019-20,” he said.
India’s merchandise imports in June was $41.86 billion, up 96.33 per cent YoY and 2.03 per cent as compared with June 2019. During the quarter ended June, imports more than doubled to $126.14 billion as compared to Apri-June 2020. However, it declined 3.05 per cent from $130.1 billion in April-June 2019.
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