Positive news for those having IEC Code Registration, as India’s exports increase by 32% in June 2021. There is a significant growth of Exports in India. Hence, highlighting the industry is becoming more profitable and active participation from organizations. In this article, we will get to know about India’s exports increasing by 32%.
India’s exports increase by 32% in June 2021
In June, India’s exports were anticipated to be $49.85 billion. In other words, up roughly 32% year on year and 17.17 percent higher than pre-COVID levels in June 2019.
Merchandise exports increased 48.3% to $32.5 billion in June, about 30% more than the same month last year, while services exports were estimated at $17.35 billion, 9.1% higher than a year earlier and roughly 1% lower than pre-COVID levels.
These merchandise exports include shipments across sectors such as petroleum products, gems and jewelry, and chemicals, leather, and marine goods, Also, It is estimated that India’s overall exports (Merchandise and Services combined) might reach USD 147.64 billion in April-June 2021, representing a 50.24 percent increase over the same period last year and a 10.92 percent increase over April-June 2019.
India’s Imports also increased in June 2021
Imports increased by 98.31% to $41.87 billion in June, owing to an increase in oil and gold imports, resulting in a trade deficit of $9.37 billion, compared to a trade surplus of $0.79 billion the previous month.
Overall, experts estimate imports to reach USD 52.18 billion in June 2021, representing a 73.65% increase over the same time last year and a 1.08 percent increase over June 2019.
Exports and Imports in April-2021
Exports climbed by 85.88 percent to $95.39 billion in April-June 2021. According to government figures, imports increased to $126.15 billion in the first three months of the fiscal year. It is up from $60.44 billion in the same period last year.
In conclusion, export businesses seem to be profitable in the long run. Hence, organizations aiming to start Import-Export business must get IEC Code Registration as it is mandatory in India.
Moreover, If you need any other guidance concerning the IEC Code, please feel free to contact our business advisors at 8881-069-069.
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