There was a rise in India’s export by 46.43% to $14.06 billion during the first half of the month on account of healthy growth in shipments in various sectors according to preliminary data of the commerce ministry.
Value of India’s merchandise exports slowed down to $6.4 billion in the second week (8-14) of June against $7.7 billion registered in the first week of the month, according to tentative data released by the commerce ministry.
Exports of sectors such as engineering, gems and jewellery and petroleum products are recording healthy growth rates.
The exports grew by 52.39% to $7.71 billion during the first week of this month and by about 40% to $6.35 billion during the second week of this month, according to the data.
If the current trend continues, exports may drop to below $30 billion in June.
Imports too rose by 98.33% to $19.59 billion during the period, the data showed.
Exports are expected to support growth in FY22 by providing a cushion against the sharp correction in domestic demand due to cautious consumer sentiment on the back of rising health costs during the ongoing second wave of the pandemic.
The value of imports stood at $10.5 billion during the second week of June against $9.1 billion in the first week of the month. During the first two weeks of the month, imports thus touched $19.6 billion leading to a trade deficit of $5.5 billion during the period.
Top countries to which exports increased include the United Arab Emirates (184.7%), US (40.4%) and Italy (171%). Similarly, top countries from which imports rose include Iraq (342%), Saudi Arab (356%) and China (47.6%).
Trade minister Piyush Goyal has set an ambitious target of $400 billion of exports for FY22 against $290 billion in FY21, identifying pharmaceuticals, engineering goods, auto components, fisheries and agricultural goods as the key focus areas.
The prospects of a quick recovery in world trade have improved as merchandise trade expanded more rapidly than expected in the second half of last year, the World Trade Organization (WTO) said.