May exports surge 69.4% on beneficial base over final yr; above pre-Covid stage
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Merchandise exports surged over 69 per cent in May from a 12 months earlier than to $32.3 billion, pushed by a beneficial base and improved demand from key markets.
Despite the second wave, exports had been over 8 per cent increased than even the May 2019 (pre-pandemic) stage, confirmed the provisional knowledge launched by the Commerce Ministry on Tuesday.
Having witnessed a formidable fee of enlargement final fiscal within the wake of the Covid-19 outbreak, drug and pharmaceutical exports dropped by 5.4 per cent in May to $1.9 billion, due to lowering Covid instances within the US and the EU.
Goods exports have now crossed the pre-Covid (identical months in 2019) stage for 3 straight months.
Imports, too, grew near 74 per cent to $38.6 billion in May, as the bottom remained conducive and home demand recorded a fragile restoration. However, the imports had been nonetheless down by over 17 per cent from the May 2019 stage. Petroleum imports surged by 179 per cent to $9.5 billion. —FE
