India’s export declines by 12.41% in June 2020 as business starts across major economies

Exports from India fell 12.41 per cent from a year earlier to US$ 21.91 billion in June 2020, led by lower sales of gems & jewelry (-50.06 percent), leather & leather products (-40.47 percent), RMG of all textiles (-34.84 percent), man-made yarn, fabrics (-31.98 percent) and petroleum products (-31.65 percent). Considering the April to June period, exports declined 36.71 percent year-on-year to USD 51.32 billion.
Responding to June export figures, Sharad Kumar Saraf, President, FIEO, said, “The monthly figures have yet again shown drastic arrest in decline of exports on the back of the opening of business activities across the major economies of the globe.”
Saraf further added that the June figures also show a trade surplus of US$ 0.79 billion, which further adds to our encouragement as last time when the trade surplus was in positive territory was in January 2002 more than 18 years back. However, we have to analyse imports as such a steep decline in imports may hamper the industrial recovery in coming months.