India’s goods trade increased by 48.3 percent in June, owing to an increase in worldwide orders and a low base effect. Exports increased by 69.7% in May, 193.63% in April, and 60% in March, respectively. Outbound commerce increased to $32 billion in June, up from $21.9 billion in June 2020, according to data issued by the Commerce and Industry Ministry on July 15. In comparison to June of this year, exports increased by about 30% in the most recent month.
Part of the increase can be attributed to the unusually low amount of trade that began in March of last year, when the nationwide lockdown was enacted. After a nationwide lockdown was issued on March 23, trade was one of the first industries to be hit in the early days of the pandemic. However, the impact of the shutdown in other countries had already begun to hinder trade, negatively impacting shipping flow.
Exports had begun to rise since December, after a challenging year. Before the low base impact kicked in, growth was only 0.67 percent in February. In June, all major export segments witnessed significant growth, including processed petroleum, electronics, engineering items, gems & jewellery, textiles, and pharmaceuticals. According to exporters, not only has there been a continuous resurgence in order booking positions, but also in the overall economy.
