Export Increased By 80% Despite COVID-19 Crisis

Export increased by 80% despite COVID-19 crisis; export figure reached $ 7.04 billion in the early week of May.

The country’s exports continue to grow. According to the Commerce Ministry data, exports in the initial week of May increased by 80 percent to $ 7.04 billion, or about Rs 51,000 crore, compared to the same period last year.

According to the data, the export figure was $ 3.91 billion in the same period last year and $ 6.48 billion in the same period of 2019.

However, according to the ministry, imports also increased by 80.7 percent to $ 8.86 billion during the period under review.

The country imported $ 4.91 billion during the same period last year and $ 10.39 billion in the same period of 2019.

The Commerce Ministry has said that the export figure of the previous month has increased two-fold to $ 30.21 billion from the same period a year ago.

During April last year, the export figure was just $ 10.17 billion during the lockdown period.

According to the Ministry of Commerce, gem-jewelery, jute, carpet, handicrafts, leather, electronic goods, oil cake, cashew, engineering, petroleum products, marine products, and chemical products have shown good growth.

SK Saraf, president of Federation of Indian Export Organizations (FIEO) Federation of Exporters Organizations, said export growth is encouraging.

Exporters currently have good orders. He urged the government to look into the Commercial Commodity Export Scheme (MEIS) and RODTEP (RoadTep) rates of duty and tax on export products to facilitate exporters.

Anti-dumping duty on seamless tubes and pipes by October.

Meanwhile, the government has increased the anti-dumping duty applicable to some varieties of seamless tubes and pipes till October this year. Its purpose is to protect the interests of domestic companies.

The CBIC said in a notification that if the government does not withdraw or amend the duty in between, then anti-dumping duty on some varieties of seamless tubes and pipes will remain in force till 31 October 2021.