NEW DELHI: Exports continued its growth momentum posting an increase of 45.17% in August touching $33.14 billion, mainly on account of engineering goods, petroleum and gems and jewellery exports.
According to the data released by the commerce ministry, the numbers were up by 27.5% compared to August, 2019, before the pandemic.
However, even imports saw a rise in equal proportion, going up by 51.5% to $47 billion on account of crude oil, gold and electronics imports, pushing the trade deficit at $13.87 billion, against $ 8.2 billion during the corresponding period of last year.
Cumulatively, exports have grown by 66.92% to $163 billion in the April-August period of FY22 (2021-22) as compared to the same period of 2020.
The top sectors, which performed impressively during the month, were engineering goods, petroleum products, gems and jewellery, organic & inorganic chemicals, drugs and pharmaceuticals, cotton yarn/fabrics/made-ups and handloom products among others.
According to A Sakthivel, President, FIEO, continuous growth in exports since March not only augurs well for the economy as whole but also shows resilience of exports.
“Steady recovery in global trade added with the expectation of buoyant order booking position for the coming months has also led to such continuous growth in exports,” he said.
Exporters’ body say that though the government has announced a slew of measures to support exports including the announcement of much awaited RoSCTL and RoDTEP, the need of the hour is to soon address the left out key issues.
“Augmenting the flow of empty containers and establishing a regulatory authority to seek justification of freight hike and imposition of various charges by the shipping lines need urgent intervention of the government,” FIEO chief said.
$47 billion Total imports during August.
$13.87 billion Trade deficit.
27.5% Rise in exports from August 2019.
Imports also up
The country’s imports also saw a rise in equal proportion, going up by 51.5% to $47 billion on account of crude oil, gold and electronics imports.