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India’s exports ‘recovering fast’, to be reflected in June data: Piyush Goyal
Jul-06-2020

Expressing optimism over India’s exports figures, Commerce and Industry Minister Piyush Goyal has said that the country's exports, after contracting drastically in April and May due to the COVID-19 pandemic, are ‘recovering fast’ and it will be reflected in the data for June. He said the June data will reflect the gains, with the merchandise export figures touching almost 88% of the corresponding period last year. He also said most of the markets abroad have not been able to make such a ‘remarkable’ comeback, and added that imports are still far behind.

The minister said the exports, after setbacks in the first two months of this financial year due to COVID-19, are recovering fast, as the unlock process gains and the economic activity makes a revival. He also said that as Unlock 2.0 has come with more permissions, it is expected that things will further improve.

Goyal called upon the industry to shun over-dependence on imports and certain geographies, as this leads to dire consequences in the long-term. He exhorted them to make in India, use indigenous resources and skilled manpower, produce quality products, and use the economies of scale to deliver affordable products.

According to commerce ministry data, contracting for the third straight month, India's exports declined 36.47% in May to $19.05 billion, mainly on account of drop in shipments by key sectors such as petroleum, textiles, engineering, gems and jewellery. Imports too plunged 51% to $22.2 billion in May, leaving a trade deficit of $3.15 billion, compared to $15.36 billion in the same month of the previous year.

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