August exports up over 45%, imports 51%

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SME Times News Bureau | 02 Sep, 2021
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 a 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 positivegrowth 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 a moderation in crude oil prices."

FIEO President A. Sakthivel said that 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.