in image description of export of goods.
New Delhi, India: In June, India's goods exports are forecast to remain strong, with shipments reaching $7.71 billion in the first week.
Since March, when shipments reached a record $34.45 billion, exports have been over $30 billion for three months in a row. Early recovery in the United States and Europe, owing to a drop in coronavirus infections and improved immunization, boosts demand for Indian goods. Exports are likely to boost GDP in FY22 by providing a buffer against a substantial drop in domestic demand due to cautious consumer mood stemming from growing health care expenses during the ongoing coronavirus pandemic's second wave.
According to preliminary figures published by the commerce ministry on Wednesday, exports increased 52.4 percent to $7.71 billion in the first week of June, while imports increased 82.91 percent to $9.1 billion. At the same time, non-petroleum exports surged by 49.35 percent, while non-petroleum imports soared by 72.8 percent.
The top countries to which exports rose were the United States (59.9%), the United Arab Emirates (57.9%), and Bangladesh (57.9%). (212 % ). Similarly, the top nations from which imports increased were China (90.9 percent), the United States (89.4 percent), and the United Arab Emirates (89.4 percent) (164.5 %).
The Reserve Bank of India (RBI) encouraged the government last week to increase and tailor policy support for exports to increase global demand for Indian goods.
“With external demand strengthening, a rebound in global trade is taking hold, which should support India’s export sector. Global demand conditions are expected to improve further buoyed by fiscal stimulus packages and the fast progress of vaccination in advanced economies. India’s exports in March, April, and May 2021 have launched into an upswing. Conducive external conditions are forming for a durable recovery beyond pre-pandemic levels. The need of the hour is for enhanced and targeted policy support for exports. It is opportune now to give a further policy push by focusing on quality and scalability," according to the latest monetary policy statement of RBI.
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