April-June exports grew 85.36% over $51.44 billion in the corresponding quarter a year ago and 17.85% over the first quarter of FY20.
Goods imports in June increased 96.33% to $41.86 billion, led by petroleum, pearls, precious & semi-precious stones, and electronics, leaving a trade deficit of $9.4 billion compared to a trade surplus of $0.71 billion in June 2020.
“India is thus a net importer in June 2021,” the commerce and industry said in a statement.
Trade deficit in May was at an eight-month low of $6.3 billion.
Exports of engineering, petroleum products and pharma during the first three months of this fiscal were $25.9 billion, $12.9 billion and $5.8 billion, respectively.
“The highest-ever quarterly growth in exports of 85% with $95 billion over FY21 and by 18% over FY20 not only shows the resilience of the exports sector but also the strength of the Indian economy,” said A Sakthivel, president, Federation of Indian Export Organisations (FIEO), adding that exports have grown for the fourth time in a row, showing a very impressive growth.
As per EEPC India Chairman Mahesh Desai, not only the risks due to the second wave of pandemic have subsided now but the government has also come up with economic relief measures that would certainly boost economic growth.
Imports during April-June 2021 were $126.14 billion, an increase from $60.65 billion in the corresponding three months last year.
Oil imports in June rose to $10.68 billion, as compared to $4.97 billion in June 2020.
“Merchandise exports and imports surprised on the upside in June 2021, but the trade deficit was also higher than our forecast,” said
chief economist Aditi Nayar.
Non-oil, non-gold, silver and precious metals imports, an indicator of the strength of domestic demand, was $27.63 billion in June recording an 84.53% growth.