Exports Stagnant at $30bn in June

· Imports Rise to $40bn Compared to May 2021

· Edible Oil Import Rises by $146mn over previous month

· Gold Up by $293mn

· Crude also up by $1.2bn; Pulses Rise by $101mn

· Steel up @$266mn

Exports from India were estimated at $49.85 billion in June, up nearly 32% from a year ago and 17.17% higher than the pre-COVID levels of June 2019.

Imports stood at $52.18 billion, rising 73.65% in June year-on-year and 1.08% higher than June 2019, as per quick estimates released by the Commerce and Industry Ministry on Thursday.

Merchandise exports grew 48.3% to $32.5 billion in June and were nearly 30% higher than June 2019, while Services exports based on an estimation were $17.35 billion, 9.1% higher than a year ago and about 1% lower than pre-COVID levels.

“With surging exports and relatively subdued gold imports in May-June 2021 dampening the aggregate trade deficit to a three-quarter low $31 billion in Q1 FY2022, we expect the current account to revert to a small surplus in that quarter,” ICRA chief economist Aditi Nayar said.

Non-oil exports rose sharply, reflecting both the vaccine driven revival in activity in many trading partners, as well as the higher prices of commodity exports, she noted. On the imports front, oil imports rose in tandem with rising mobility after the second COVID-19 wave restrictions, while other imports rose too signalling an upturn in demand and reflecting high commodity prices.