Thursday , October 21 2021

Coronavirus (Covid-19): Earnings from abroad decreased, India’s exports decreased by more than 36% in May

Delhi: Coronavirus (COVID-L9): COVID -19 subdued the country from the global demand for exports (Export) there has been a steady decline for the third month and dropped it 36.47 percent in May to $ 19.5 billion. Mainly petroleum, textile, engineering, gems and jewelry (Gems and Jewellery) of exports minus total exports decreased. According to the data released on Monday by the Ministry of Commerce and Industry, imports also fell by 51 percent to $ 22.2 billion last month. This reduced the trade deficit to $ 3.15 billion, from $ 15.36 billion in the same month last year. However, the decline in exports in the month under review is less than in April. It fell by 60.28 percent in April.

 

Gems and jewelry exports fell 68.83 percent
, except rice, spices, iron ore, and medicine, all the 26 major sectors recorded a decline in May. As per the data, (-) 68.83 percent in gems and jewelry, leather (-) 75 percent, petroleum products (-) 68.46 percent, engineering goods (-) 24.25 percent and (-) 66.19 percent decline in the export of stitched garments. Came Oil imports declined by 71.98 percent to $ 3.49 billion in May from $ 12.44 billion in the same month a year ago. Non-oil imports declined by 43.13 percent to $ 18.71 billion. Excluding project items, sulfur and cast iron pyrite, 28 major import sectors, including gold, silver, transport equipment, coal, fertilizer, machinery, machine tools, declined.

Gold imports
fell 98.4 percent in May. Gold imports also fell 98.4 percent in May to $ 7.631 million. Regarding trade figures, Mohit Singla, chairman of the Trade Promotion Council (TPCI) said that some positive things are happening now in the case of trade affected by the coronavirus epidemic. He said that according to the nature of the essential item of food items, there has always been a demand for it. We should use its potential and a strategy should be made to make it stronger for the growth of the country. The Federation of Export Organizations (FIEO) said that the decline in exports has been curbed in May compared to April. The reason for this is partly the commencement of functioning in units across the country.

 

The US and European Union markets are being questioned about orders. Fio Chairman Sharad Kumar Saraf said that the revival still seems slow as global business holding is still weak. The supply system is affected and there is a state of softening or recession in the economies of the world. He expressed serious concern about the rapid decline in exports of employment-intensive sectors. This will affect employment in the country because the situation of domestic demand is also not good. In the first two months of the current financial year, April-May, exports fell by 47.54 percent to $ 29.41 billion. Imports also declined by 5.67 percent to $ 39.32 billion. In the first two months of the current financial year, the trade deficit stood at $ 9.91 billion. Oil imports declined by 65.79 percent to $ 8.15 billion in FY 2020-21 from $ 23.82 billion in the same period last year. The country’s exports have been around $ 300 billion since FY 2011-12. It was $ 314.31 billion in 2019-20 while it was $ 330.08 billion in 2018-19.

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