Piyush Goyal Current Affairs - 2020

Piyush Goyal hints India’s Export in June 2020 has ‘Recovered’ after Contracting Drastically in April and May

The setbacks to the Indian economy in the first two months of the Financial Year (FY) due to the COVID-19 pandemic seems to be finally over as on 3rd July 2020 the Union Minister of Commerce and Industry Piyush Goyal informed that merchandise export figures in the month of June 2020 have touched almost 88 percent of the June 2019 figure. Earlier on 22nd June 2020, Piyush Goyal had informed that the contraction in outbound shipments are 10-12 percent in the month of June 2020 if compared to 60 percent in April 2020.

The overall export data for the month of June 2020 will be released by the Ministry of Commerce and Industry on 15th July 2020.

After three straight months of decline in Export figures, the signs of improvements bring about a much-needed relief for the Indian economy. Overall combined Exports (Merchandise and Services) for the April and May month of 2020 were USD 61.57 billion, that is 33.66 percent decline in Overall combined Exports from the April and May 2019 figures.

India’s Exports & Imports in May 2020

Exports in the month of May 2020 declined by 36.47 percent as compared to April 2020.

  • Import Value: USD 22.20 billion (Imports in May 2019 was USD 45.35 billion)
  • Export Value: USD 19.05 billion (Exports in May 2019 was USD 29.99 billion)
  • Trade deficit: USD 3.15 billion (Trade deficit in May 2019 was USD 15.36 billion)

India attends second G20 Virtual Trade and Investment Ministers Meet

The Union Minister Shri Piyush Goyal represented India at the second G20 Virtual Trade and Investment Ministers Meeting through video conferencing.

Highlights

The video conferencing was hosted by the current chair of G20 grouping, Saudi Arabia. Since April 2020, Saudi Arabia has hosted a series of such virtual summits to discuss COVID-19 threats, containment measures and economic challenged posed by the virus.

This meeting, the ministers agreed to work on ensuring flow of vital medical supplies and other essential goods across borders. They also agreed to deliver free, non-discriminatory, fair and transparent trade and investment environment. They also agreed to keep global supply chains functioning.

The main issue that every country is facing today due to COVID-19 crisis is excessive price volatility in food prices. This is threatening the food security as well. The G20 ministers agreed to work upon the issue at the meet.

Background

On 30 March, the G20 leaders agreed on the requirement for a “Coordinated Global Response”. In order to implement actions taken under coordinated global response, meetings were held on energy, labour, employment, agriculture, tourism and digital economy.

Earlier G20 meet

The G20 leaders have been focusing on tourism, energy and labour. In the end of April 2020, the corresponding ministers of the three sectors from the member countries held video conferences to work together and address the issue.