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Exports are improving: CIM

Commerce & Industry Minister, Shri Piyush Goyal stated that India’s exports have shown improvement and that as per the latest data, a turnaround is around the corner. While in April the country’s outbound shipments contracted 60%, during the month of May, the overall exports came down by 36%. He added further that India’s non-oil exports, excluding petroleum, oil and lubricant exports dropped by 30%. The minister also stated that albeit the country was under the lockdown during a significant part of May, the contraction rate is coming down. 

He also exuded confidence in the country’s exports during the month of June as the country’s exports in the first week of June are at par with those between June 1-7, 2019 (US$ 5.03 billion). He said that exports during June 1-7 this year dropped around 0.76% and touched US$ 4. 94 billion. 

“I hope that by the time we close March 2021, we would have recovered the lost ground of April and May. It will be a loss of close to US$ 30 billion in two months….I have the confidence that our exporters and logistics companies together will make that happen,” he stated.