June Exports Data to Reflect Faster Recovery: Piyush Goyal

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, Commerce and Industry Minister Piyush Goyal said on Friday.

Addressing export promotion councils through video conferencing, the minister said the June data will reflect the gains, “with the merchandise export figures touching almost 88 per cent of the corresponding period last year.”

Most of the markets abroad have not been able to make such a “remarkable” comeback, he said, adding imports are still far behind.

“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 said.

Trade data for June will be released on July 15.

He also said that as Unlock 2.0 has come with more permissions, it is expected that things will further improve.

The minister 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.

Contracting for the third straight month, India’s exports declined 36.47 per cent in May to USD 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 per cent to USD 22.2 billion in May, leaving a trade deficit of USD 3.15 billion, compared to USD 15.36 billion in the same month of the previous year, according to commerce ministry data.