India's merchandise August exports surges over 45%, imports by over 51%

India's trade deficit surged by 69.15 percent to USD 13.87 billion on a year-on-year basis

 

Merchandise exports of India breached in August 2021 to USD 33.14 billion, rose 45.17 percent on a year-on-year basis, the preliminary data showed on Thursday.Merchandise exports in August 2020 firmat USD 22.83 billion.

 

Apart from this, the data issued by the Ministry of Commerce and Industry showed that in comparison to August 2019, August 2020 exports surged by 27.5 per cent.

 

The data showed the value of non-petroleum exports in August 2021 was USD 28.58 billion, registering a positive rise of 36.57 percent over of USD 20.93 billion in August 2020.

 

The data showed the value of non-petroleum and non-gems and jewellery exports in August 2021 was USD 25.15 billion, registering a positive rise of 31.66 percent over exports of USD 19.1 billion in August 2020

 

In parallel, merchandise imports of India breached in August 2021, surging 51.47 percent on a year-on-year basis to USD 47.01 billion.

 

The imports surged by 17.95 percent over USD 39.85 billion in August 2019.

 

The data showed the value of non-petroleum imports was USD 35.37 billion in August 2021 with a positive increase of 43.88 percent over the USD 24.58 billion in August 2020.

 

And, the data showed the imports value of non-oil, non-GJ (gold, silver and precious metals) was USD 26.36 billion in August 2021 with a positive rise of 33.97 percent over USD 19.68 billion in August 2020.

 

Accordingly, the India's trade deficit surged by 69.15 percent to USD 13.87 billion on a year-on-year basis.

 

The Chief Economist of ICRA, Aditi Nayar said, "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."

 

She said that it is anticipated thatthe current account to record a modest deficit of USD 4-6 billion in the ongoing quarter.

 

She added that in spite of increasing mobility, net oil imports were largely stable and were benefitting from a moderation in crude oil prices.

India Scanner News Network

Leave a comment