Gold Imports Surge $6.7bn, Electronics $5.9 bn
in Aug as Monthly
Exports Hits $33bn
India exported goods
worth $33.14 billion in August, up 45.17 per cent on-year, as demand continued
to remain robust from other countries, revealed the preliminary data released
by the commerce and industry ministry on 2 September 2021.
Outbound shipments
were dominated by higher demand for items such as engineering and petroleum
products, gems and jewellery. The 45-per cent growth
can also be partially attributed to a low base in August 2020 due to disruption
caused by Covid-19. However, the base effect is on the wane.
Even as growth
witnessed 2-per cent decline on a sequential basis, compared to August 2019, it
was still 27.5 per cent. Outbound shipments hit an all-time high of $35.17
billion in July.
On a cumulative
basis, India’s merchandise exports in April-August were
$163.67 billion, up 66.92 per cent on-year and up 22.93 per cent, compared to
the same period in 2019. This translates into India achieving 41 per cent of
its export target of $400 billion for the current fiscal year.
Merchandise imports
grew 51.5 per cent in August to 47.01 billion, up 17.9 per cent, compared to
August 2019. This resulted in a trade deficit of $13.87 billion in August,
compared to a trade deficit of $8.2 billion during the same time period a year
ago.
“With merchandise
imports continuing to scale up, even as exports receded from their
all-time high, trade deficit widened to a higher-than-anticipated $13.9 billion
in August, marking a four-month high. We expect the current account to record a
modest deficit of $4-6 billion in the ongoing quarter,” said Aditi Nayar, chief economist, ICRA.
“Gold imports surged
further to a five-month high of $6.7 billion in August, and were responsible
for an 88 per cent rise in merchandise trade deficit, relative to July. Unless
a weaker agricultural outlook restrains demand, gold imports may well touch $40
billion in 2021-22,” said Nayar.
The value of
non-petroleum and non-gems and jewellery exports in August was $25.15
billion, up 31.66 per cent on-year, and witnessed a 28.53-per cent jump in
August 2019.
In the case of
imports of non-oil, non-gold, silver, and precious metals, growth was 34 per
cent on-year at $26.36 billion, but had a marginal positive growth of 2.6 per
cent over August 2019.
A Sakthivel,
president, Federation of Indian Export Organisations,
said continuous growth in exports for six months not only augurs well for the
economy, but also goes to show the resilience of exports.
“Steady recovery in
global trade, added with the expectation of buoyant order booking position for
the coming months, has also led to such continuous growth in exports,” added Sakthivel.
INDIA’S MERCHANDISE TRADE: Preliminary
Data August 2021
India’s merchandise exports in August
2021 was USD 33.14 billion, an increase of 45.17% over USD 22.83 billion in August
2020 and an increase of 27.5% over USD 25.99 billion in August 2019
India’s merchandise exports in April-August
2021 was USD 163.67 billion, an increase of 66.92% over USD 98.05 billionin April-August 2020 and an increase of 22.93% over USD
133.14 billion in April-August 2019
India’s merchandise imports in August 2021 was
USD 47.01 billion, an increase of 51.47% over USD 31.03 billion in August 2020 and
an increase of 17.95% over USD 39.85 billion in August 2019.
India’s merchandise imports in April-August 2021
was USD 219.54 billion, an increase of 81.75% over USD 120.79 billion in April-August
2020 and a marginal increase of 4.35% over USD 210.39 billion in April-August 2019.
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.
Statement 1: India’s Merchandise Trade in August 2021
|
|
Value in Billion USD |
% Growth |
|||
|
|
Aug-21 |
Aug-20 |
Aug-19 |
Aug-21
over Aug-20 |
Aug-21
over Aug-19 |
|
Exports |
33.14 |
22.83 |
25.99 |
45.17 |
27.50 |
|
Imports |
47.01 |
31.03 |
39.85 |
51.47 |
17.95 |
|
Deficit |
13.87 |
8.20 |
13.86 |
69.15 |
0.07 |
Statement
2: India’s Merchandise Trade in Apr-Aug 2021
|
|
Value in Billion USD |
% Growth |
|||
|
|
Apr-Aug21 |
Apr-Aug20 |
Apr-Aug19 |
Apr-Aug 21
over Apr-Aug 20 |
Apr-Aug 21
over Apr-Aug 19 |
|
Exports |
163.67 |
98.05 |
133.14 |
66.92 |
22.93 |
|
Imports |
219.54 |
120.79 |
210.39 |
81.75 |
4.35 |
|
Deficit |
55.87 |
22.74 |
77.25 |
145.69 |
(-) 27.67 |
Value of non-petroleum exports in August 2021 was
28.58USD billion, registering a positive growth of 36.57% over non-petroleum exports
of USD 20.93 billion in August 2020 and a positive growth of 25.44% over non-petroleum
exports of USD 22.78 billion in August 2019.
Value of non-petroleum imports was USD 35.37 billion
in August 2021 with a positive growth of 43.88% over non-petroleum
imports of USD 24.58 billion in August 2020 and had a positive growth of 22.58%
only over non-petroleum imports of USD 28.85 billion in August 2019.
Statement
3: Merchandise Non-POL Trade in August 2021
|
|
Value in Billion USD |
% Growth |
|||
|
|
Aug21 |
Aug20 |
Aug19 |
Aug21 over Aug20 |
Aug21 over Aug19 |
|
Exports |
28.58 |
20.93 |
22.78 |
36.57 |
25.44 |
|
Imports |
35.37 |
24.58 |
28.85 |
43.88 |
22.58 |
|
Deficit |
6.79 |
3.65 |
6.07 |
86.03 |
11.86 |
The cumulative value of non-petroleum exports in
April-August 2021 was USD 140.6 billion, an increase of
56.96% over USD 89.58 billion in April-August 2020 and an increase of 21.92% over
USD 115.33 billion in April-August 2019.
The cumulative value of non-petroleum imports in
April-August 2021 was USD 164.01 billion, showing an increase of 73.22% compared
to non-oil imports of USD 94.68 billion in April-August 2020 and a marginal increase
of 6.31% compared to non-oil imports of USD 154.28 billion in April-August 2019.
Statement 4: Merchandise Non-POL Trade Apr-Aug 2021
|
|
Value in Billion USD |
% Growth |
|||
|
|
Apr-Aug21 |
Apr-Aug20 |
Apr-Aug19 |
Apr-Aug21
over Apr-Aug20 |
Apr-Aug21
over Apr-Aug19 |
|
Exports |
140.60 |
89.58 |
115.33 |
56.96 |
21.92 |
|
Imports |
164.01 |
94.68 |
154.28 |
73.22 |
6.31 |
Value of non-petroleum and non-gems and jewellery exports in August 2021 was USD 25.15 billion, registering a positive growth of 31.66% over non-petroleum
and non-gems and jewellery exports of USD 19.1 billion
in August 2020 and a positive growth of 28.53% over non-petroleum and non-gems and
jewellery exports of USD 19.57 billion in August 2019.
Value of non-oil, non-GJ (gold, silver & Precious
metals) imports was USD 26.36 billion in August 2021 with a positive
growth of 33.97%over non-oil and non-GJ imports of USD 19.68 billion in August
2020but had a marginal positivegrowth of 2.63% over non-oil
and non-GJ imports of USD 25.69 billion in August 2019.
Statement 5: Merchandise Non-POL Non-GJ Trade in August 2021
|
|
Value in Billion USD |
% Growth |
|||
|
|
Aug-21 |
Aug-20 |
Aug-19 |
Aug21
over Aug20 |
Aug21
over Aug19 |
|
Exports |
25.15 |
19.10 |
19.57 |
31.66 |
28.53 |
|
Imports |
26.36 |
19.68 |
25.69 |
33.97 |
2.63 |
The cumulative value of non-petroleum and non-gems
and jewellery exports in April-August 2021 was USD 124.55
billion, an increase of 49.0% over cumulative value of
non-petroleum and non-gems and jewellery exports of USD
83.59 billion in April-August 2020 and an increase of 24.99% over cumulative value
of non-petroleum and non-gems and jewellery exports of
USD 99.65 billion in April-August 2019.
Non-oil, non-GJ (Gold, Silver & Precious Metals)
imports was USD 132.94 billion in April-August 2021, recording a positive growth of 57.04%, as compared to non-oil and non-GJ
imports of USD 84.66 billion in April-August 2020 and a marginal positive growth
of 3.32% over USD 128.67 billion in April-August 2019.
Statement 6: Merchandise Non-POL Non-GJ Trade Apr-Aug 2021
|
|
Value in Billion USD |
% Growth |
|||
|
|
Apr-Aug21 |
Apr-Aug20 |
Apr-Aug19 |
Apr-Aug21
over Apr-Aug20 |
Apr-Aug21
over Apr-Aug19 |
|
Exports |
124.55 |
83.59 |
99.65 |
49.00 |
24.99 |
|
Imports |
132.94 |
84.66 |
128.67 |
57.04 |
3.32 |
Top 10 major commodity groups, covering more than
80% of total exports, have shown positive growth in August
2021 over corresponding month of previous year, as stated below.
Statement
7: Exports of Top 10 Major Commodity Groups
|
|
Value of
Export (Million US$) |
Share (%) |
Growth (%) |
|
|
Major
Commodity Group |
Aug'21 |
Aug'20 |
Aug'21 |
Aug '21 over
Aug '20 |
|
Engineering
Goods |
9631.50 |
6065.65 |
29.06 |
58.79 |
|
Petroleum
Products |
4559.82 |
1901.64 |
13.76 |
139.78 |
|
Gems And
Jewellery |
3428.07 |
1823.09 |
10.34 |
88.04 |
|
Organic And
Inorganic Chemicals |
2230.15 |
1642.82 |
6.73 |
35.75 |
|
Drugs And
Pharmaceutical |
2001.78 |
1977.76 |
6.04 |
1.21 |
|
Cotton
Yarn/Fabrics/Madeups, Handloom Products Etc |
1297.82 |
833.95 |
3.92 |
55.62 |
|
RMG Of All
Textiles |
1235.11 |
1083.53 |
3.73 |
13.99 |
|
Electronic
Goods |
1146.63 |
872.04 |
3.46 |
31.49 |
|
Plastic And
Linoleum |
753.30 |
648.49 |
2.27 |
16.16 |
|
Rice |
715.24 |
671.08 |
2.16 |
6.58 |
|
Total of 10
Major Commodity Groups |
26999.42 |
17520.05 |
81.47 |
54.11 |
|
Rest |
6141.16 |
5309.23 |
18.53 |
15.67 |
|
Total Exports |
33140.58 |
22829.29 |
100.00 |
45.17 |
Top 10 major commodity groups, covering more than
80% of total imports, have shown below.
Statement 8: Imports of Top 10 Major Commodity Groups
|
|
Import (Million US$) |
Share (%) |
Growth (%) |
|
|
Major
Commodity Group |
Aug.'21 |
Aug.'20 |
Aug.'21 |
Aug.'21
over Aug.'20 |
|
Petroleum,
Crude & products |
11637.86 |
6451.91 |
24.76 |
80.38 |
|
Gold |
6746.88 |
3702.53 |
14.35 |
82.22 |
|
Electronic
goods |
5910.44 |
4720.09 |
12.57 |
25.22 |
|
Machinery,
electrical & non-electrical |
2914.75 |
2020.92 |
6.20 |
44.23 |
|
Pearls,
precious & Semi-precious stones |
2243.51 |
1163.26 |
4.77 |
92.86 |
|
Organic
& Inorganic Chemicals |
2066.48 |
1469.05 |
4.40 |
40.67 |
|
Coal,
Coke & Briquettes, etc. |
1936.40 |
1084.77 |
4.12 |
78.51 |
|
Artificial
resins, plastic materials, etc. |
1365.19 |
849.61 |
2.90 |
60.69 |
|
Iron
& Steel |
1333.57 |
640.23 |
2.84 |
108.30 |
|
Vegetable
Oil |
1322.01 |
888.65 |
2.81 |
48.77 |
|
Total
of 10 Major Commodity Groups |
37477.09 |
22991.03 |
79.73 |
63.01 |
|
Rest |
9529.42 |
8042.98 |
20.27 |
18.48 |
|
Total Imports |
47006.51 |
31034.01 |
100.00 |
51.47 |