-
Service exports registered a positive growth of 6.44 percent in the same period
-
Sector-wise, the increase was spurred by growth in demand for engineering goods, petroleum products, gems, jewelry
India’s exports in May this year rose 67.39 percent year on year, the country’s Commerce Secretary, Anup Wadhawan was quoted by local reports as saying on Friday, June 4.
This, despite the country experiencing the world’s highest daily new Covid-19 infection rates in May.
In the GCC, around 10 percent of all imports of the United Arab Emirates comes from India. In fact, the UAE has steadily been among the top five countries that receive goods exported by India.
In May last year, India was under complete lockdown due to the onset of the pandemic while in the same month this year, lockdowns are widespread but localized and not nationwide. The increase in exports last month was higher by 7.93 percent over May 2019, when normal conditions prevailed in India.
The latest figures released by Wadhawan suggest a recovery in external demand since the pandemic affected global business.
Merchandise exports rose by 45.96 percent last month over May 2020 and by 11.51 percent over the same month in 2019, Wadhawan told reporters in New Delhi.
Sector-wise, the increase was spurred by growth in demand for engineering goods, petroleum products, gems, jewellery, pharmaceuticals and iron ore.
Service exports, a dominant sector of India’s economy, registered a positive growth last month of 6.44 percent over May 2020.
The Reserve Bank of India, the country’s central bank, estimated the value of these exports in May 2021 at $ 17.85 billion, an indication of the importance of this business.