Categories: Business

export improving down by 36 percent in may says commerce minister


export improves

new Delhi. The country's exports are improving significantly. Exports declined by 36 percent in May. But there is an improvement compared to April. Exports declined by 60 percent in April. Union Minister of Commerce and Industry Piyush Goyal said this on Thursday. Goyal while addressing a webinar said, "I am happy to share with you that things are improving significantly on the export front. While exports fell by 60 per cent in April, the decline has come down to 36 per cent in May.

The Union Minister said that the country's non-oil exports (petroleum and lubricants) have decreased by only 30 percent. These figures give confidence that things are improving on the export front. He said the country had a lockdown most of the time in May. Despite this, the figure of decline is decreasing. Referring to June, Goyal said that things have got better this month. He said that the export figure for the first week of June is equal to 1 to 7 June, 2019 last year. He said exports during the period from June 1 to 7 were down by 0.76 percent to $ 4.94 billion, compared to $ 5.03 billion in the same period last year. Goyal said there may be pressure on some discretionary spending areas. In areas such as textiles, it may take some time to improve. Goyal said, "By March 2021, we will have recovered the losses in April and May. In these two months, the export loss will be around $ 30 billion. I am confident that our exporters and logistics companies will be able to complete it together. "

The country's exports declined for the second consecutive month in April due to the lockdown enforced by the Corona virus. Exports declined by 60.28 percent to $ 10.36 billion in April. Similarly, imports declined 58.65 percent to $ 17.12 billion in April. Thus, the trade deficit during the month stood at $ 6.76 billion, which was $ 15.33 billion in April 2019. The webinar was organized by startup company Freightwalla.

This post was published on June 12, 2020 2:13 am

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