India’s exports of goods up by 46% yoy

Exports of goods were up by 45.8% year over year (yoy) in August 2021, reaching US$ 33.3 billion while imports grew by 51.7% yoy and 18.2% over August 2019, indicating robust recovery in trade. Exports grew on the back of conducive base, increase in export orders from western markets and increased global commodity prices. In comparison to 2019, Exports saw a 28% jump during August 2021. Merchandise exports have exceeded the pre-Covid level for past six months continuously. Exports between April 2021 and August 2021 stood at US$164.1 billion while during this period, imports are US$ 219.6 billion. Trade deficit rose to US$13.8 billion, reaching its four-month high.

Top commodities in terms of export growth are Petroleum products (144.6%), Gems & jewellery (88.3%), Engineering goods (59.01%), Cotton yarn/fabs./made-ups, handloom products etc. (55.84%), and Man-made yarn/fabs./made-ups etc. (51.71%). Oil imports in August 2021 were US$ 11.7 Billion, increasing by 80.6% yoy. Non-oil imports in August 2021 were US$ 35.43 Billion, which was 44.13 % higher in comparison to August 2020. Non-Oil and Non-Gold imports stood at US$ 28.7 Billion in August 2021, witnessing a positive growth of 37.3%.