The country reported its highest-ever merchandise exports at $95 billion in the first quarter of the current fiscal year, government data showed on Friday, July 2. The exports recorded in the April-June quarter is 85 per cent higher than the exports registered in the corresponding period last year. In June, the country’s trade deficit widened to $ 9.4 billion as exports rose by 47.34 per cent to $ 32.46 billion, driven by growth in sectors such as petroleum products, gems and jewellery, and engineering, according to data released by the commerce ministry today. (Also Read: Exports Jump 69% To $32.27 Billion In May, Trade Deficit Widens To $6.28 Billion )
During the April-June quarter this year, exports jumped to $ 95.36 billion, compared to $ 51.44 billion in the corresponding period last year. While imports during the first quarter stood at $ 126.14 billion, registering an increase from $60.65 billion in the year-ago period.
The oil imports during the quarter stood at $ 31 billion, recording a positive growth of 136.36 per cent compared to $ 13.12 billion in the year-ago period.
Commerce Minister Piyush Goyal shared on Twitter that spices and oil meals registered double-digit exports growth in the first quarter of fiscal 2021, compared to previous financial years 2020-21, and 2019-20.
India was a net importer in June as the trade deficit widened by 1,426.6 per cent over the trade surplus of $0.71 billion in the same month last year when the country was a net exporter. Imports in June also increased by 96.33 per cent to $ 41.86 billion, compared to $ 21.32 billion in the same month last year.
Last month, the top five commodity groups of export which have registered growth, compared to June 2020, were iron ore (134.46 per cent), other cereals (299.29 per cent), cereal preparations and miscellaneous processed item (56.63 per cent), organic and inorganic chemicals (62.41 per cent), and oil meals (53.99 per cent).
Whereas, the top five commodity groups of import which registered a de-growth in June, compared to the corresponding month last year are silver at 91.38 per cent and project goods at 12.49 per cent.