Sunday, September 24, 2023

Exports up 45% to USD 33.14 billion in August; trade deficit widens to USD 13.87 billion

India’s exports jumped 45.17 per cent to USD 33.14 billion in August as against USD 22.83 billion in the same month last year, according to the commerce ministry’s provisional data.

The exports during April-August 2021 stood at USD 163.67 billion, an increase of 66.92 per cent over USD 98.05 billion in the same period a year ago, the data showed.

Imports in August rose 51.47 per cent to USD 47.01 billion, as against USD 31.03 billion in the corresponding month of 2020.

Imports during April-August this fiscal rose by 81.75 per cent to USD 219.54 billion.

The trade deficit in August 2021 was USD 13.87 billion, compared to USD 8.2 billion in the year-ago period.

Oil imports in August rose 80.38 per cent to USD 11.64 billion, while gold imports jumped 82.22 per cent to USD 6.75 billion.

Exports of engineering, petroleum products, gems and jewellery and chemicals rose by about 59 per cent to USD 9.63 billion, 140 per cent to USD 4.55 billion, 88 per cent to USD 3.43 billion, and 35.75 per cent to USD 2.23 billion, respectively.

Commerce and Industry Minister Piyush Goyal tweeted: “India galloping towards USD 400 billion merchandise export target for current financial year. 45 per cent growth in merchandise exports in August 2021 over same period last year. Big boost to local businesses in capturing global markets.”

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