Economy

Exports in August rise across sectors, post 45.76% growth

Our Bureau New Delhi | Updated on September 14, 2021

Imports increase 51.72% to $47.09 billion, trade deficit widens

Robust performance across sectors such as engineering goods, petroleum products, gems & jewellery, marine products, electronics and textiles helped India’s total goods exports continue on the high growth track in August, posting a 45.76 per cent rise year-on-year (Y-o-Y) at $33.28 billion, according to the Commerce & Industry Ministry’s quick estimates released on Tuesday.

However, exports in August 2021 were about 5 per cent lower than the exports in July 2021, valued at $35.17 billion.

Imports in August 2021 increased 51.72 per cent to $47.09 billion, pushed by sharp rise in imports of gold, petroleum, vegetable oil, pearls, precious and semi-precious stones, machinery, iron and steel and coke.

The trade balance for August 2021 stood at $13.81 billion as against $8.20 billion in August 2020, which was a decline of 68.3 percent, as per the figures released.

The quick estimates are similar to the provisional estimates of trade data for August 2021 released by the Commerce Ministry earlier this month.

Cumulative export value

Cumulative value of exports for the period April-August 2021 stood at $164.10 billion, registering a growth of 67.33 per cent over the comparable period last year. In the April-August 2021 period, imports grew at 80.89 per cent to $219.63 billion.

“The buoyancy in exports continues in the month of August with resilient demand in India’s major export markets,” pointed out Prahalathan Iyer, Chief General Manager, Research & Analysis, India Exim Bank.

According to estimates made by India Exim Bank, exports from India in the quarter-ending September 2021 are expected to be at $98 billion. This would take India’s first half (April-September) exports to $193 billion, which will be closer to the proportionate target of $200 billion set by the Centre, said Iyer.

Many labour-intensive sectors were major contributors in export growth, which was a good sign, as it further helped job creation in the country, said A Sakthivel, President, FIEO.

Non-petroleum and non-gems and jewellery exports in August 2021 grew at 31.87 per cent to $25.19 billion, indicating that export growth had taken place across a number of sectors and was not because of high growth in the top groups.

Non-oil and non-gold imports posted a growth of 37.33 per cent to $28.67 billion in August 2021 compared to the same month last year.

In 2020-21, goods exports declined by 7 per cent to $291 billion compared to the previous fiscal as Covid-19 disruptions slowed down production and demand worldwide.

Published on September 14, 2021

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