Rise Of India’s Export in August
September 4, 2021
India’s goods exports have increased 45.17 percent to $33.14 billion in August 2021, up from $22.83 billion in the same month the previous year, thanks to strong demand from other countries. According to provisional data published by the Ministry of Commerce and Industry, exports of goods and services in August 2021 were up 27.5 percent from $25.99 billion in the pre-pandemic period of August 2019.
The country’s exports of goods and services in April-August 2021 totaled $163.67 billion, a 66.92 percent increase over $98.05 billion in April-August 2020 and a 22.93 percent increase over $133.14 billion in April-August 2019. Exports began to rise in December 2020, after being derailed by the first wave of the COVID-19 pandemic. Owing to the reduced recovery rate, product exports increased by 193.63% in April 2021 compared with the same month the previous fiscal year.
As measured annually, the low base effect has begun wearing off, with exports increasing by 69.7% in May 2021 and 48.3% in June 2021. Imports grew, on the other hand, increased by 51.47 percent to $47.01 billion in August 2021 from $31.03 billion in August 2020. Similarly to export markets, the low base effect of last year has worn off as import growth has regulated in recent months. Imports increased by 62.9 percent year on year in July, while exports increased by 98.3 percent years on year in June.
According to ministry data, “The trade surplus in August 2021 was USD 13.87 billion, approximately to USD 8.2 billion in August 2020, and it is USD 55.9 billion during April-August 2021, compared to USD 22.7 billion during the same period last year”.