Merchandise exports touch record peak of $95 bn in Q1

Despite second wave, exports rose by 47% in June

With India registering highest quarterly merchandise exports of $95 billion during the first quarter (April-June) of 2021-22, the country is now eyeing a target of $400 billion merchandise exports in the current fiscal, Commerce and Industry Minister Piyush Goyal said on Friday. As per the official data released, the exports rose by 47.34% to $32.46 billion in June following strong growth in sectors such as engineering, gems and jewellery and petroleum products. However, India was a net importer in June 2021 with a trade deficit of $9.4 billion. “Despite the severity of the second wave of COVID-19, highest ever merchandise export in a quarter of $95 billion has been achieved in April-June 2021, surpassing the previous record of $90 billion in January-March 2020,” the Minister said.