India’s Exports Rise 6.7% To $57.5 Billion In August; Trade Deficit Widens To $18.37 Billion

India’s overall exports, both merchandise and services, in August 2022 rose 6.75 per cent year-on-year to $57.47 billion. The total imports jumped 33.15 per cent to $75.84 billion during the month. The country’s trade deficit widened to $18.37 billion in August 2022.

India’s trade deficit in August 2021 had stood at $3.13 billion. The country’s exports in August 2021 stood at $53.83 billion, while its imports were at $56.96 billion.

“India’s overall exports (merchandise and services combined) in August 2022 are estimated to be $57.47 billion, exhibiting a positive growth of 6.75 per cent over the same period last year. Overall imports in August 2022 are estimated to be $75.84 billion, exhibiting a positive growth of 33.15 per cent over the same period last year,” the commerce and industry ministry said in a statement.

In April-August 2022, India’s overall exports were estimated at $311.82 billion, exhibiting a positive growth of 19.72 per cent over the same period last year. Overall imports in April-August 2022 are estimated at $390.91 billion, exhibiting a positive growth of 43.78 per cent over the same period last year.

Merchandise exports in August 2022 were $33.92 billion, compared with $33.38 billion in August 2021, exhibiting a positive growth of 1.62 per cent. Merchandise imports in August 2022 were $61.90 billion, which is an increase of 37.28 per cent over imports of $45.09 billion in August 2021.

The merchandise trade deficit in August 2022 was estimated at $27.98 billion as against $11.71 billion in August 2021, which is an increase of 138.88 per cent.

“Non-petroleum and non-gems & jewellery exports in August 2022 were $24.88 billion, registering a negative growth of (-) 1.64 per cent over non-petroleum and non-gems & jewellery exports of $25.29 billion in August 2021,” the ministry said.

It added that non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports were $37.53 billion in August 2022 with a positive growth of 40.63 per cent over non-petroleum, non-gems & jewellery imports of $26.69 billion in August 2021.

During April-August 2022, merchandise exports stood at $193.51 billion as against $164.44 billion during the April-August 2021 period, registering a positive growth of 17.68 per cent.

“Merchandise imports for April-August 2022 were $318.03 billion as against $218.22 billion during the April-August 2021 period, registering a positive growth of 45.74 per cent. The merchandise trade deficit for April-August 2022 was estimated at $124.52 billion as against $53.78 billion in April-August 2021, which is an increase of 131.52 per cent,” the ministry said.

It said non-petroleum and non-gems and jewellery exports during April-August 2022 stood at $135.57 billion, an increase of 8.47 per cent over non-petroleum and non-gems & jewellery exports of $124.99 billion in April-August 2021.

“Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports were $185.05 billion in April-August 2022, recording a positive growth of 37.64 per cent, as compared with non-petroleum, non-gems & jewellery imports of $134.44 billion in April-August 2021,” the statement said.

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