Dr Sakthivel sees increase in gold imports leading to more gems-jewellery exports
India’s merchandise export totalled US$37.29 billion in May 2022, an increase by impressive 15.46% on May 2021’s US$32.30 billion, Ministry of Commerce and Industry said on 2 June 2022.
Exports for April-May 2022-23 was US$77.08 billion, an increase of 22.26% over US$63.05 billion for the corresponding months a year ago.
India’s merchandise import in May 2022 was US$60.62 billion, a hefty increase of 56.14% over US$38.83 billion in May 2021.
The April-May 2022 imports was US$120.81 billion, an increase of 42.35% over US$84.87 billion for the same months a year ago.
Commenting on the May export value, FIEO President Dr A Sakthivel said the increase in export shows the continuous resilience of the exporters amidst rising global uncertainties.
He commended the improving shipments to global markets by Petroleum Products, Engineering Goods, Electronic Goods, RMG of all Textiles, Gems & Jewellery, Organic & Inorganic Chemicals, Drugs & Pharmaceuticals and Rice.
Labour-intensive sectors also contributed to the exports basket, which itself is a good sign, further helping job creation in the country, he said.
Though concerned about the hefty increase in imports, he sees rising imports of gold leading to impressive gems & jewellery exports in next 1-2 months with lead time. fiinews.com
