Preliminary data released by the Commerce and Industry Ministry on June 2 showed outbound trade rose to $32.2 billion in May, 2021 from $19.4 billion in April, 2020 when the COVID-induced lockdown was in full force. However, the government drew attention to the fact that latest figures comfortably surpass those of May, 2019 as well, which is considered a normal export year, when exports stood at $29.85 billion.

All major export segments such as processed petroleum, electronics, engineering  goods, gems & jewellery, saw major growth in April. Exporters say that there has been a continued revival not only in the order booking positions but also in the demand from across the globe.

Exports were led by more than $3.56 billion worth of processed petroleum, over $3 billion worth of engineering goods and gems and jewelery totaling over $1.9 billion. However, policymakers have become most relieved at as non-oil, non-GJ (gold, silver & precious metals) in May 2021 rose by 46 percent over the past year and 11.5 percent over May, 2019.

Import status

India's trade deficit in May stood at $6.32 billion, down from $15.1 billion in April. A predominant 63 percent of the decline in the trade deficit in May 2021 relative to April 2021 was on account of the collapse in gold imports.