NEW DELHI — The preliminary data released by the Indian Commerce and Industry Ministry shows that India’s merchandise exports in August soared 45.17 percent to $33.14 billion compared to $22.83 billion in the same month last year.
The data also showed that India’s merchandise imports in August were $47.01 billion, an increase of 51.4 percent over $31.03 billion in August 2020 and a rise of 17.95 percent over $39.85 billion in August 2019.
“India galloping towards $400 billion merchandise export target for the current financial year,” said Indian Union Minister Piyush Goyal in a tweet.
“A 45 percent growth in merchandise exports in August 2021 over the same period last year. Big boost to local businesses in capturing global markets.”
“The trade deficit in August was $13.87 billion compared to the trade deficit of $8.2 billion in August 2020, while it is $55.9 billion during April-August 2021 compared to $22.7 billion during the same period of the previous year,” the ministry said.
The value of non-petroleum exports in August was $28.58 billion, registering a positive growth of 36.57 percent over non-petroleum exports of $20.93 billion in August 2020 and positive growth of 25.44 percent over non-petroleum exports of $22.78 billion in August 2019.
The value of non-petroleum imports was $35.37 billion in August with a positive growth of 43.88 percent over non-petroleum imports of $24.58 billion in August 2020 and had a positive increase of 22.58 percent only over non-petroleum imports of $28.85 billion in August 2019.
The top 10 major commodity groups, covering more than 80 percent of total exports, which registered positive year-on-year growth during August included engineering goods (58.79 percent), petroleum products (139.78 percent), gems and jewelry (88.04 percent), organic and inorganic chemicals (35.75 percent), drugs and pharmaceuticals (1.21 percent), cotton yarn/fabrics/made-ups and handloom products (55.62 percent) and electronic goods (31.49 percent).
“The cumulative value of non-petroleum and non-gems and jewelry exports in April-August 2021 was $124.55 billion, an increase of 49.0 percent over the cumulative value of non-petroleum and non-gems and jewelry exports of $83.59 billion in April-August 2020,” states the data.
“An increase of 24.99 percent over the cumulative value of non-petroleum and non-gems and jewelry exports of $99.65 billion in April-August 2019. Non-oil, non-GJ (Gold, Silver & Precious Metals) imports were $132.94 billion in April-August 2021, recording a positive growth of 57.04 percent.”
Major commodity groups which accounted for the bulk of imports included petroleum and crude products, gold, electronic goods, machinery, electrical and non-electrical, pearls, precious and semi-precious stones.
(With inputs from ANI)
Edited by Saptak Datta and Praveen Pramod Tewari
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