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India's exports jump 45% to $33.14 bn in August on robust demand

India's exports jump 45% to $33.14 bn in August on robust demand

The country's merchandise exports in April-August 2021 stood at $163.67 billion, an increase of 66.92% over $98.05 billion in April-August 2020 and an increase of 22.93% over $133.14 billion in April-August 2019

Merchandise exports in August 2021 were up 27.5% from $25.99 billion during the pre-pandemic period of August 2019 Merchandise exports in August 2021 were up 27.5% from $25.99 billion during the pre-pandemic period of August 2019

India's merchandise exports soared 45.17% to $33.14 billion in August 2021 compared to $22.83 billion in the same month last year over robust demand from other countries. The value was not just bolstered by the low base effect of 2020 as merchandise exports in August 2021 were up 27.5% from $25.99 billion during the pre-pandemic period of August 2019, showed preliminary data released by the Ministry of Commerce and Industry.

The country's merchandise exports in April-August 2021 stood at $163.67 billion, an increase of 66.92% over $98.05 billion in April-August 2020 and an increase of 22.93% over $133.14 billion in April-August 2019.

After being disrupted due to the first wave of the COVID-19 pandemic, exports had begun to rise in December of 2020. Due to the low base effect, merchandise exports grew substantially at 193.63 per cent in April 2021 compared to the same month of the previous fiscal.

The low base effect has continued to wear off as calculated annually, exports rose by 69.7 per cent in May 2021 and 48.3 per cent in June 2021.

Other the other hand, merchandise imports also saw a huge jump of 51.47% to $47.01 billion in August 2021 against $31.03 billion in August 2020. Similar to exports, the low base effect of last year has continued to wear off as import growth has moderated in the past few months. In July, imports had grown by 62.9 per cent Y-o-Y while in June it had grown 98.3 per cent Y-o-Y.

"The trade deficit in August 2021 was USD 13.87 billion in compared to the trade deficit of USD 8.2 billion in August 2020, while it is USD 55.9 billion during April-August 2021 as compared to USD 22.7 billion during the same period of the previous year," noted the ministry data.

Also Read: Indian exports near $15 bn till mid-Aug: Piyush Goyal

Also Read: Jump in COVID-19 vaccine supplies raises export hopes

Published on: Sep 02, 2021, 8:43 PM IST
Posted by: Mohammad Haaris Beg, Sep 02, 2021, 8:38 PM IST