Economy
Economy’s major parameters showing an uptick, import-export rise
M Y Team Dt.3rd Sept. 2021
India’s exports for the month of August 2021 stand at $33.14 billion, which is a 45.17% increase on a year-on-year basis. Last year, exports for the month of August stood at $22.83 billion. This year’s exports, on a two-year comparison, have seen an increase of 27.5% over $25.99 billion in August 2019. While exports for the April-August 2021 period stood at $163.67 billion, an increase of 66.92% over $98.05 billion in April-August 2020, and an increase of 22.93% over $133.14 billion in April-August 2019.
Imports also witnessed an uptick, with an increase of 51.47% on a year-on-year basis. Imports in August 2021 were $47.01 billion, an increase of 51.47% over $31.03 billion in August 2020 and an increase of 17.95% over $39.85 billion in August 2019. The period from April-August, witnessed a jump of 81.75% on a year-on-year basis. Imports in April-August, 2021 were $219.54 billion, an increase of 81.75% over $120.79 billion in April-August 2020 and a marginal increase of 4.35% over $210.39 billion in April-August 2019.
The trade deficit in August 2021 was $13.87 billion when compared to the trade deficit of $8.2 billion in August 2020, while it is $55.9 billion during April-August 2021 as compared to $22.7 billion during the same period of the previous year.
This data comes after India’s GDP saw an uptick of 20% in the April to June 2021 quarter, as compared to the 1.6% GDP witnessed in the January to March 2021 quarter.
The value of non-petroleum exports in August 2021 was $28.58 billion, registering a positive growth of 36.57% over non-petroleum exports of $20.93 billion in August 2020 and a positive growth of 25.44% over non-petroleum exports of $22.78 billion in August 2019. The value of non-petroleum imports was $35.37 billion in August 2021 with a positive growth of 43.88% over non-petroleum imports of $24.58 billion in August 2020 and had a positive growth of 22.58% only over non-petroleum imports of $28.85 billion in August 2019.
The cumulative value of non-petroleum exports in April-August 2021 was $140.6 billion, an increase of 56.96% over $89.58 billion in April-August 2020, and an increase of 21.92% over $115.33 billion in April-August 2019.
The cumulative value of non-petroleum imports in April-August 2021 was $164.01 billion, showing an increase of 73.22% compared to non-oil imports of $94.68 billion in April-August 2020 and a marginal increase of 6.31% compared to non-oil imports of $154.28 billion in April-August 2019.
As per government data, top 10 major commodity groups, covering more than 80% of total exports, have shown positive growth in August 2021 over the corresponding month of the previous year.
Courtesy-IndiaToday