News Karnataka
Friday, February 03 2023

India’s August exports, imports rise YoY

Indias August exports imports rise YoY
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New Delhi: India’s August exports rose to $33.28 billion, higher by 45.76 per cent on a year-on-year basis, official data showed on Tuesday.

India’s August exports 2020 stood at $22.83 billion.

The data by the Ministry of Commerce and Industry showed that in comparison to August 2019, last month’s exports rose by 28.03 per cent.

“‘Non-petroleum’ and ‘Non-Gems and Jewellery’ exports in August 2021 were $25.19 billion, as compared to $19.10 billion in August 2020, registering a positive growth of 31.87 per cent,” the Ministry said.

“As compared to August 2019, ‘Non-petroleum and Non-Gems and Jewellery’ exports in August 2021 registered a positive growth of $28.73 per cent.”

Similarly, India’s August exports increased, rising by 51.72 per cent over last year to $47.09 billion from $31.03 billion.

“‘Non-Oil’ and ‘Non-Gold’ imports were $28.67 billion in August 2021. They showed a positive growth of 37.33 per cent. This compared to ‘Non-Oil’ and ‘Non-Gold’ imports of $20.88 billion in August 2020,” the ministry said.

“‘Non-Oil’ and ‘Non-Gold’ imports in August 2021 recorded a positive growth of 4.32 per cent over August 2019.”

The trade deficit widened by 68.30 per cent on a year-on-year basis. It reached $13.81 billion in August 2021 from $8.20 billion.

“The state-wise restrictions have lifted. Economic activity and mobility have recovered. The merchandise trade deficit has widened steadily to $13.9 billion in August 2021. Its eight-month low was $6.3 billion in May 2021. The predominant drivers behind the widening of the trade deficit have been gold and oil imports.”

“Gold are imports likely to ease in the ongoing month on account of the inauspicious period. The merchandise trade deficit may moderate under $10 billion in September 2021.”

EEPC India Chairman Mahesh Desai said: “The various policy measures taken by the government would strengthen the growth further.” These include notification of ‘RoDTEP’ rates and promise to clear all pending dues on account of various export promotion schemes He said that the government had walked the talk on most issues and hopefully the issue related to reimbursement of taxes embedded in raw materials like steel in engineering products would be resolved soon.

FIEO President A. Sakthivel said: “The continuous growth in exports since March this year augurs well for the economy as a whole. Italso yet again reiterates the commitment and hard work of the exporting community.”

“Steady recovery in global trade added with the expectation of buoyant order booking position for the coming months has also led to such continuous growth in exports,” he said.

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