Robust performance across sectors such as engineering goods, petroleum products, gems & jewellery, marine products, electronics and textiles helped India’s total goods exports continue on the high growth track in August, posting a 45.76 per cent rise year-on-year (Y-o-Y) at $33.28 billion, according to the Commerce & Industry Ministry’s quick estimates released on Tuesday.
However, exports in August 2021 were about 5 per cent lower than those in July 2021, valued at $35.17 billion.
Imports in August 2021 increased 51.72 per cent to $47.09 billion, pushed by a sharp rise in imports of gold, petroleum, vegetable oil, pearls, precious and semi-precious stones, machinery, iron and steel and coke.
The trade balance for August 2021 was $ 13.81 billion against $ 8.20 billion in August 2020, a decline of 68.30 per cent, per the figures released.
The quick estimates are similar to the provisional trade data estimates for August 2021 released by the Commerce Ministry earlier this month.
The cumulative value of exports for April-August 2021 was $ 164.10 billion registering a growth of 67.33 per cent over the comparable period last year. In the April-August 2021 period, imports grew at 80.89 per cent to $ 219.63 billion.
“The buoyancy in exports continues in the month of August with resilient demand in India’s major export markets,” pointed out Prahalathan Iyer, Chief General Manager, Research & Analysis, India Exim Bank.
Per estimates made by India Exim Bank, exports from India in the quarter ending September 2021 are expected to be $ 98 billion. This would take India’s first half (Apr-Sep) exports to $ 193 billion, closer to the proportionate target of $ 200 billion set by the Centre, said Iyer.
Many labour-intensive sectors were significant contributors to export growth, which was a good sign, as it further helped job creation in the country, said A Sakthivel, President, FIEO.
Non-petroleum and non-gems and jewellery exports in August 2021 grew at 31.87 per cent to $ 25.19 billion, indicating that export growth had taken place across several sectors and was not because of high growth in the top groups.
Non-oil and non-gold imports posted a growth of 37.33 per cent to $ 28.67 billion in August 2021 compared to last year’s same month.
In 2020-21, goods exports declined by 7 per cent to $291 billion compared to the previous fiscal as Covid-19 disruptions slowed down production and demand worldwide.