According to statistics provided by the commerce ministry on Friday, the country’s exports increased by 47.34% to USD 32.46 billion in June, owing to strong development in sectors such as engineering, gems and jewellery, and petroleum products, despite a trade deficit of USD 9.4 billion for the month.

Exports were USD 22 billion in June of last year and USD 25 billion in June of this year. The outgoing shipment was valued at USD 32.27 billion in May 2021, compared to USD 31 billion in April of this year. Imports increased by 96.33% to USD 41.86 billion in June 2021, up from USD 21.32 billion the previous month. Imports were USD 41 billion in June 2019.

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“India is thus a net importer in June 2021 with a trade deficit of USD 9.4 billion, widened by 1,426.6% over trade surplus of USD 0.71 billion in June 2020 (India was net exporter in June 2020) and narrowed down by 41.26% over trade deficit of USD 16 billion in June 2019,” the ministry said in a statement.

Exports increased to USD 95.36 billion in the April-June quarter of this year, up from USD 51.44 billion in the same quarter the previous year.

“Exports during the April-June period are the highest ever merchandise exports in a quarter in the history of India,” Commerce and Industry Minister Piyush Goyal said briefing the media here.

According to him, merchandise exports totaled USD 82 billion in April-June 2018-19 and USD 90 billion in the fourth quarter of 2020-21.

He further stated that the ministry will collaborate with all stakeholders to meet the objective of USD 400 billion in exports this fiscal year.

Imports totaled USD 126.14 billion in April-June 2021, up from USD 60.65 billion in the same period the previous year.

Oil imports increased to USD 10.68 billion in June this year, up from USD 4.97 billion in June 2020.

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“Oil imports during April-June 2021 were USD 31 billion, a positive growth of 136.36% compared to USD 13.12 billion in April-June 2020 and a negative growth of 12.33% compared to USD 35.36 billion in April-June 2019,” it said.

Engineering, petroleum products, and pharmaceutical exports were USD 25.9 billion, USD 12.9 billion, and USD 5.8 billion in the first three months of the current fiscal year, respectively.

Goyal further said that the record performance of exports was due to the simplification of procedures, the expansion of deadlines, and the granting of licences.

He predicted that service exports would reach USD 350 billion by 2025 and that they may possibly reach USD 500 billion sooner.

The minister stated that the remission of duties and taxes on export goods (RoDTEP) is at an advanced level of inter-ministerial debate.

“It was a colossal task, there are about 11,000 items which need to be studied… We will shortly notify the rates. We will be very very soon coming out with more details of rates for different sectors. This is not a subsidy to any exporter, this is only a refund of taxes,” he added.

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He said the ministry is working on an international trade strategy and is looking to see what new features can be introduced to help encourage foreign commerce.

“Hopefully, we will come out by October,” he added.