India’s exports up 45% to $33.14 billion in August; trade deficit widens to $13.87 billion: Good news for Bourses..
India galloping towards USD 400 billion merchandise export target for current financial year, Piyush Goyal Tweeted.
India’s exports jumped 45.17 percent to USD 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 USD 13.87 billion, according to the commerce ministry’s provisional data.
Imports in August rose 51.47 percent to USD 47.01 billion, as against USD 31.03 billion in the corresponding month of 2020. The trade deficit in August 2020 was USD 8.2 billion. It stood at USD 55.9 billion during April-August this fiscal as compared to USD 22.7 billion during the same period of the previous year.
Exports during April-August 2021 grew by 66.92 percent to USD 163.67 billion, the data showed. Imports during April-August this fiscal rose by 81.75 percent to USD 219.54 billion.
Oil imports in August rose 80.38 percent to USD 11.64 billion, while gold imports jumped 82.22 percent to USD 6.75 billion. Exports of engineering, petroleum products, gems and jewellery and chemicals rose by about 59 percent to USD 9.63 billion, 140 percent to USD 4.55 billion, 88 percent to USD 3.43 billion, and 35.75 percent to USD 2.23 billion, respectively.
Commerce and Industry Minister Piyush Goyal tweeted: “India galloping towards USD 400 billion merchandise export target for current financial year. 45 percent 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 USD 400 billion exports target for this fiscal. It will be a solid 30 percent 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 percent. “Today also a meeting was held in the shipping ministry. We are doing some things and I am confident that in the next 3-4 days some solutions will come out,” the secretary said. Goyal would hold a meeting on the matter with different ministries next week as it needs the attention of ministries like railways and shipping.
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