August exports revised higher to $33.92 billion, up 1.6% YoY

Representative image: Reuters

India's merchandise exports for August have been raised to $33.92 billion from the preliminary estimate of $33 billion, data released by the commerce ministry on September 14 showed.

As per the latest data, imports in August amounted to $61.9 billion, marginally higher than the preliminary estimate of $61.68 billion.

As such, the merchandise trade deficit for last month was lowered to $27.98 billion from $28.68 billion as per preliminary data released on September 3.

The trade deficit in August 2021 was $11.71 billion.

For April-August as a whole, merchandise exports have totalled $193.51 billion, up 17.7 percent compared to the first five months of FY22. Over the same period, imports amounted to $318.03 billion, resulting in a trade deficit of $124.52 billion.

In April-August 2021, India's merchandise trade deficit was $53.78 billion.

While briefing the media earlier this month on the release of the preliminary trade data, Commerce Secretary BVR Subrahmanyam had said the weak export performance was due to export restrictions and higher duties imposed by the government.

Since then, the government has announced fresh restrictions on the export of broken rice to cool soaring domestic prices.

India is the world's biggest exporter of rice.

Data released today showed India exported rice worth $1.04 billion in August. This was 43.6 percent higher compared to the same month last year.

The restrictions imposed on rice exports could dent this figure in September and beyond. Further, the 20 percent export duty announced last week has already led to chaos, with reports emerging that nearly one million tonnes of grain is stuck at various ports of the country after the loading of rice stopped due to buyers refusing to pay the new export levy on top of the agreed contract price.