India’s exports grew by 45.76 per cent to USD 33.28 billion in August, compared to USD 22.83 billion in the same month last year, according to data released by the commerce ministry on Tuesday, September 14, 2021.
The cumulative value of merchandise exports for the April-August 2021 period increased by 67.33 per cent to USD 164.10 billion, as against USD 98.06 billion in the year-ago period.
The commerce ministry data showed that imports grew by USD 47.09 billion during the month. The trade deficit widened to USD 13.81 billion in August from USD 8.2 billion in the same month last year.
Overall exports estimated at $256.17 billion in April-August 2021
India’s total exports (Merchandise and Services combined) in April-August 2021 are estimated at USD 256.17 billion, a positive growth of 44.04 per cent over the corresponding period of the previous year and a positive growth of 15.79 per cent over April-August 2019.
Top exported commodities
The commodity groups which have registered positive growth during August 2021 as compared to August 2020 are Petroleum Products (144.6%), Gems & Jewellery (88.3%), Engineering Goods (59.01%), Cotton Yarns/Fabs/Made-ups, including handloom products. etc. (55.84%), Man-made yarn/fab/made-up etc. (51.71%), Marine products (50.7%), Coffee (42.31%), Mica, Coal and other ores, Minerals including processed minerals (38.56%), Organic and inorganic chemicals (35.94%), Electronic goods (31.67%), Jute manufacturing including floor coverings (25.3%), Handicrafts excluding handmade Carpets (24.67%) etc.
Major commodity groups of import show negative growth
The major commodity groups of imports showing negative growth in August 2021 as compared to the corresponding month of the previous year are:
– Project Goods – (-68.01%)
– Silver – (-59.67%)
– Transport Equipment – (-47.5%)
– Newsprint – (-7.87%)
Merchandise: The trade balance for August 2021 is estimated at USD (-) 13.81 billion as against USD(-) 8.20 billion in August 2020. As compared to August 2019 (USD (-) 13.86 billion), the trade balance in August 2021 exhibited a positive growth of 0.37 per cent.
Services: As per RBI’s press release dated September 1, 2021, the trade balance in Services for July 2021 is USD 7.47 billion. The estimated trade balance in August 2021 is USD 7.44 billion, an increase of 8.21 per cent over August 2020 (USD 6.88 billion) and 7.66 per cent over August 2019 (USD 6.91 billion).
Overall Trade Balance: Taking Merchandise and Services together, the total trade balance for August 2021 is estimated at USD (-) 6.37 billion, as against USD (-) 1.33 billion in August 2020. The trade balance in August 2021 displayed a positive growth of 8.36 per cent as compared to August 2019 (USD (-) 6.95 billion).