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India’s merchandise exports rise by 69.35% in May 2021

16 Jun 2021 Evaluate

India’s merchandise exports rose by 69.35% in May 2021 as compared to same period of last year, on account of healthy growth in sectors such as engineering, petroleum products and gems and jewellery, even as trade deficit dropped to an eight-month low of $6.28 billion. Exports stood at $19 billion in May last year and at $29.85 billion in May 2019.

As per the data released by the Commerce Ministry, merchandise exports rose by 69.35% to $32.27 billion in May 2021, as compared to $19.05 billion in the same month a year ago. In Rupee terms, it was up by 64% to Rs 2,36,426.16 crore in May 2021, as compared to Rs 1,44,166.01 crore in May 2020.  Cumulative value of exports for the period April- May 2021 was $62.89 billion as against $29.41 billion during the period April- May 2020, registering a positive growth of 113.85%. In Rupee terms, it was up by 108.19% to Rs 4,64,497.92  crore from Rs 2,23,117.42  crore.

Non-petroleum and Non-Gems and Jewellery exports in May 2021 were $23.97 Billion, as compared to $16.36 Billion in May 2020, registering a positive growth of 46.50 per cent. As compared to May 2019, Non-petroleum and Non-Gems and Jewellery exports in May 2021 registered a positive growth of 11.51 per cent. Non-petroleum and Non-Gems and Jewellery exports in April-May 2021 were $47.59 Billion, as compared to $25.44 Billion for the corresponding period in 2020-21, which is an increase of 87.08 per cent. As compared to April-May 2019, Non-petroleum and Non-Gems and Jewellery exports in April-May 2021 registered a positive growth of 15.78 per cent.

On the other hand, imports during May 2021 too increased by 73.64% to $38.55 billion as compared to $22.20 billion in May 2020, while in rupee terms it was up by 68.15% to Rs 2,82,453.56 crore from Rs 1,67,977.68 crore in March 2019. Cumulative value of imports for the period April- May 2021 was $84.27 billion, as against $39.32 billion during the period April- May 2021, registering a positive growth of 114.31%. In rupee terms, it was Rs 6,22,958.62 crore, up by 108.69% from Rs . 2,98,502.76  crore in the same period last year.

Oil imports in May 2021 were $9.45 billion, which were 171.10 % higher, compared to $3.49 billion in May 2020. Oil imports in April- May 2021 were $ 20.32 billion which were 149.44% higher compared to $8.15 billion, over the same period last year. Non-oil imports during May 2021 were estimated at $29.10 billion which was 55.48% higher than non-oil imports of $18.71 billion in May 2020. Non-Oil and Non-Gold imports were $28.42billion in May 2021, up 52.48% over the same period of last year. Non-Oil and Non-Gold imports were $ 57.03 billion in April- May 2021, up 1.55 %, over the same period of last year.

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