India’s Export Rise to $ 32.27 Billion, Trade Deficit Hits a Low of $ 6.28 Billion
Note: The following article is solely based on the facts and data released by the respective official authorities.
Exports in May 2021 amounted to USD 32.27 billion, rising from USD 19.05 billion in May 2020, reflecting a positive 69.35 percent increase. Exports in Rupee terms were Rs. 2,36,426.16 Crore in May 2021, rising from Rs. 1,44,166.01 Crore in May 2020, a 64.00 percent boost.
The aggregate value of exports for the period April-May 2021 was USD 62.89 billion (Rs. 4,64,497.92 crore) as compared to USD 29.41 billion (Rs. 2,23,117.42 crore) of April-May 2020, representing a significant growth of 113.85 percent in Dollars and 108.19 percent in Rupees.
In May, India’s exports increased by 69.35per cent to USD 32.27 billion, owing to strong growth in products including Petroleum products (227.25 per cent), Gems & jewellery (179.13 per cent), Leather & leather products (155.08 per cent), Meat, dairy & poultry products (146.45 per cent), RMG of all textiles (114.21per cent), Electronic goods (90.79 per cent), Engineering goods (53 per cent), Organic & inorganic chemicals (20.05 per cent), Rice (12.64 percent), and Coffee (1.08 per cent).
Other sectors that witnessed positive growth included glassware, coals, minerals, handloom products, and many more. Despite this significant development, the trade deficit grew to USD 6.28 billion in May 2021.
Non-petroleum and non-gems and jewelry exports totaled USD 23.97 billion in May 2021. Representing a 46.50 percent increase as compared to USD 16.36 billion in May 2020.
Fruits and vegetables (-7.1 percent), oilseeds (-7.09 percent), drugs and pharmaceuticals (-5.36 percent), tea (-3.4 percent), and spices (-0.33 percent) are the products that have witnessed a downward trend in May 2021.
Imports in May 2021 amounted to USD 38.55 billion, a 73.64 percent increase over May 2020 imports of USD 22.20 billion. In rupees, the amount is Rs. 2,82,453.56 crore, a 68.15 percent increase over May 2020 imports of Rs 1,67,977.68 crore.
The combined value of imports for the period April-May 2021 was USD 84.27 Billion (Rs. 6,22,958.62 Crore), compared to USD 39.32 Billion (Rs. 2,98,502.76 Crore) during the same timeframe in 2020, representing a positive growth of 114.31per cent in Dollar terms and 108.69per cent in Rupee terms.
Oil imports in May 2021 reached USD 9.45 billion, a 171.10 percent increase compared to USD 3.49 billion in May 2020. Oil imports in April-May 2021 reached USD 20.32 billion, a 149.44 percent increase compared to USD 8.15 billion in the same timeframe the previous year.
Non-oil imports were anticipated to be USD 29.10 billion in May 2021, a 55.48 percent increase from USD 18.71 billion in May 2020. Non-oil imports were USD 63.95 billion in April-May 2021, rising 105.13 percent from USD 31.17 billion in April-May 2020.
Non-Oil and Non-Gold imports totaled USD 28.42 billion in May 2021, representing a 52.48 percent increase over non-oil and non-gold imports of USD 18.64 billion in May 2020. Non-Oil and Non-Gold imports reached USD 57.03 billion in April-May 2021, representing an increase of 83.40 percent over April-May 2020 imports of USD 31.10 billion.
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