India’s exports rose 45.17 per cent to USD 33.14 billion in August, driven by healthy growth in sectors such as engineering, petroleum products, gems and jewellery and chemicals, according to provisional data from the commerce ministry.
Commerce and Industry Minister Piyush Goyal said, “India galloping towards USD 400 billion merchandise export target for the current financial year. 45 per cent growth in merchandise exports in August 2021 over the same period last year. Big boost to local businesses in capturing global markets.”
Commerce Secretary B V R Subrahmanyam said the numbers reflect healthy growth. “I am very confident of achieving the USD 400 billion exports target for this fiscal. It will be a solid 30 per cent jump.”
Exports grow by 62.92% during April-August 2021
Exports during April-August 2021 grew by 66.92 per cent to USD 163.67 billion. Imports during April-August 2021 rose by 81.75 per cent to USD 219.54 billion.
Imports rose to USD 47.01 billion in August from USD 31.03 billion in the same month of 2020. The trade deficit stood at USD 13.87 billion in August 2021 compared to USD 8.2 billion in August 2020.
Exports of top major commodity sectors
Exports of engineering, gems and jewellery, petroleum products and chemicals rose by about 59 per cent to USD 9.63 billion, 88 per cent to USD 3.43 billion, 140 per cent to USD 4.55 billion and 35.75 per cent to USD 2.23 billion, respectively.
Non-petroleum exports register positive growth of 36.57%
The value of non-petroleum exports was USD 28.58 billion in August 2021, registering a positive growth of 36.57 per cent over non-petroleum exports of USD 20.93 billion in August 2020 and positive growth of 25.44 per cent over non-petroleum exports of USD 22.78 billion in August 2019.
The cumulative value of non-petroleum exports in April-August 2021 was USD 140.6 billion, up 56.96 per cent from USD 89.58 billion in April-August 2020 and 21.92 per cent higher than USD 115.33 billion in April-August 2019.