Exports jump 45% to $33.14 billion in Aug, while trade deficit widens to $13.87 billion
New Delhi: India's exports jumped 45.17 per cent to $33.14 billion in August on account of healthy growth in segments like engineering, petroleum products, gems and jewellery and chemicals, even as the trade deficit widened to $13.87 billion, according to the commerce ministry's provisional data.
Imports in August rose 51.47 per cent to $47.01 billion, as against $31.03 billion in the corresponding month of 2020.
The trade deficit in August 2020 was $8.2 billion. It stood at $55.9 billion during April-August this fiscal as compared to $22.7 billion during the same period of the previous year.
Exports during April-August 2021 grew by 66.92 per cent to $163.67 billion, the data showed.
Imports during April-August this fiscal rose by 81.75 per cent to $219.54 billion.
Oil imports in August rose 80.38 per cent to $11.64 billion, while gold imports jumped 82.22 per cent to $6.75 billion.
Exports of engineering, petroleum products, gems and jewellery and chemicals rose by about 59 per cent to $9.63 billion, 140 per cent to $4.55 billion, 88 per cent to $3.43 billion, and 35.75 per cent to $2.23 billion, respectively.
Commerce and Industry Minister Piyush Goyal tweeted: "India galloping towards $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."
Commerce Secretary B V R Subrahmanyam said the numbers reflect healthy growth.
"I am very confident of achieving the $400 billion exports target for this fiscal. It will be a solid 30 per cent jump," he told reporters.
Asked about container shortage issues being raised by exporters, he expressed confidence about resolution of the matter in the next 3-4 days. "Container issue is there in the world and here also.. The Cabinet Secretary yesterday held a meeting on this. Container rates have risen by 300-500 per cent," the secretary said
