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June exports data to reflect faster recovery
June Exports data
The country’s exports, after contracting drastically in April and May due to the COVID-19 pandemic, are “recovering fast” and it will be reflected in the data for June, Commerce, and Industry Minister Piyush Goyal said on Friday.
Addressing export promotion councils through video conferencing, the minister said the June data will reflect the gains, “with the merchandise export figures touching almost 88% of the corresponding period last year.”
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He also said that as Unlock 2.0 has come with more permissions, it is expected that things will further improve.
The minister called upon the industry to shun over-dependence on imports and certain geographies, as this leads to dire consequences in the long-term.
Imports too plunged 51% to $22.2 billion in May, leaving a trade deficit of $3.15 billion, compared to $15.36 billion in the same month of the previous year, according to commerce ministry data.
