Owing to an uptick in global orders, India's merchandise exports shot up in August, rising by a major 45.17 percent as compared to August, 2020. Impressively, exports also rose by 27.5 percent as compared to August, 2019, before the pandemic struck.
In August, imports saw an equally large rise, going up by 51.5 percent to $47 billion. Similar to exports, as the low base wears off, the jumps in import growth have moderated. Imports had risen by 62.9 percent in July, 98.3 percent in June, 73.6 percent in May and 163 percent in April.
Data released by the Commerce and Industry Ministry on September 2 showed outbound trade rose to $33.14 billion in August, up from $22.83 billion in August, 2020.
Cumulatively, exports have grown by 66.92 percent to $163 billion in the April-August period of FY22 (2021-22) as compared to the same period of 2020. Compared to 2019, exports have gone up by 22.93 percent over the same period ($133.14 billion), the Ministry said.
After a difficult FY21 (2020-21), exports had began rising since December. In February, before the low base effect kicked in, growth was a marginal 0.67 percent. Since then, calculated annually (Y-o-Y), exports had risen by 48.3 percent in June, 69.7 percent in May and 193.63 percent in April, due to the low base effect which is now slowly wearing off.
In August, imports saw an equally large rise, going up by 51.5 percent to $47 billion. Similar to exports, as the low base wears off, the jumps in import growth have moderated. Imports had risen by 62.9 percent in July, 98.3 percent in June, 73.6 percent in May and 163 percent in April.
In the latest month, gold imports saw among the highest rises at 82.2 percent to cross $6.7 billion. The largest part of the import bill - petroleum and crude oil - saw imports nearly double to $11.63 billion.
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