News Karnataka
Wednesday, February 08 2023
Economy

India’s August exports rise over 45%, imports by over 51%

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New Delhi: India’s merchandise exports in August 2021 rose to $33.14 billion, higher by 45.17 per cent on a year-on-year basis, preliminary data showed on Thursday.

Exports in August 2020 stood at $22.83 billion.

Besides, the data furnished by the Ministry of Commerce and Industry showed that in comparison to August 2019, last month’s exports rose by 27.5 per cent.

“Value of non-petroleum exports in August 2021 was $28.58 billion, registering a positive growth of 36.57 per cent over non-petroleum exports of $20.93 billion in August 2020 and positive growth of 25.44 per cent over non-petroleum exports of $22.78 billion in August 2019.

“Value of non-petroleum and non-gems and jewellery exports in August 2021 was $25.15 billion, registering a positive growth of 31.66 per cent over non-petroleum and non-gems and jewellery exports of $19.1 billion in August 2020 and a positive growth of 28.53 per cent over non-petroleum and non-gems and jewellery exports of $19.57 billion in August 2019.”

Similarly, India’s merchandise imports in August 2021 increased, rising 51.47 per cent on a year-on-year basis to $47.01 billion.

The imports increased by 17.95 per cent over $39.85 billion in August 2019.

“Value of non-petroleum imports was $35.37 billion in August 2021 with a positive growth of 43.88 per cent over non-petroleum imports of $24.58 billion in August 2020 and had a positive growth of 22.58 per cent only over non-petroleum imports of $28.85 billion in August 2019.”

“Value of non-oil, non-GJ (gold, silver and precious metals) imports was $26.36 billion in August 2021 with a positive growth of 33.97 per cent over non-oil and non-GJ imports of $19.68 billion in August 2020 but had a marginal positive growth of 2.63 per cent over non-oil and non-GJ imports of $25.69 billion in August 2019.”

Consequently, the country’s trade deficit rose by 69.15 per cent to $13.87 billion on a YoY basis.

“With merchandise imports continuing to scale up, even as exports receded from their all-time high, the trade deficit widened to a higher than anticipated $13.9 billion in August 2021, marking a four-month high,” ICRA Chief Economist Aditi Nayar said.

“We expect the current account to record a modest deficit of $4-6 billion in the ongoing quarter. Despite rising mobility, net oil imports were largely stable, benefitting from moderation in crude oil prices.”

FIEO President A. Sakthivel said that a steady recovery in global trade added with the expectation of a buoyant order booking position for the coming months has also led to such continuous growth in exports.

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