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Rising Exports
India’s exports have recorded yet another jump as they rose by 46.43% to $14.06 billion during the fortnight ending June 14. Engineering, gems and jewellery, and petroleum products have been the major contributors behind the rising exports. Imports also increased by 98.33% to $19.59 billion during the period.
The UAE, US, and Italy were the major export destinations with rises of 84.7%, 40.4%, and 171%, respectively. Iraq (342%), Saudi Arabia (356%), and China (47.6%) were the major importers of India during the first two weeks of June.
Rising imports is a positive sign considering India’s dependency on imported raw materials for industrial activities. Iraq and Saudi Arabia are the major crude suppliers. A sharp rise in imports from these countries clearly indicates rising demand for crude, which in turn is a crucial indicator of pick up in activity levels in the country.
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