Rising oil prices and strong growth in advanced economies have also boosted India’s exports. The Export-Import Bank of India (Exim Bank) said on Sunday that the country’s total merchandise exports may increase by 70.1 percent to $ 87.2 billion in the first quarter of the financial year 2021-22. In the same period last year, exports were $51.3 billion.

Exim Bank said that non-oil exports may grow 68.5 percent to $ 78.26 billion in the April-June quarter of the current financial year. It was $ 46.4 billion in the same period of the financial year 2020-21. According to Exim Bank’s quarterly forecast, the sharp growth in India’s exports is due to the effect of a comparative basis. Rising oil prices and strong growth in advanced economies have also boosted India’s exports.

According to the bank, the second wave of the Covid-19 epidemic in the country during April-May 2021 may reduce exports to some extent during the quarter. However, shipments from India are expected to be less affected.

Exports grew 52.39 percent to $ 7.71 billion in the first week of June

India’s exports grew by 52.39 percent to $7.71 billion in the first week of June, driven by good demand in various sectors, including gems and jewelry, engineering, and petroleum products, according to preliminary data from the commerce ministry. Imports also grew by about 83 percent to $9.1 billion during June 1-7.

According to the data, engineering exports grew by 59.7 percent to USD 741.1 million, gems and jewelry exports by 96.38 percent to USD 2978 million, and petroleum products by 69.53 percent to USD 53.06 million.

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Big relief to import-exporters! Will do business without meter till June 30