India's exports contract by 1.15% to $33 billion in August 2022

05 Sep 2022 Evaluate

The commerce ministry in its the preliminary data has showed that India's exports contracted by 1.15 per cent to $33 billion in August 2022, for the first time in over 20 months, while the trade deficit more than doubled to $28.68 billion due to increased crude oil imports. Imports rose by 37 per cent to $61.68 billion in August this year. Trade deficit in August 2021 stood at $11.71 billion. The previous decline in exports was recorded in November 2020 when the shipments had dipped by 8.74 per cent.

During April-August 2022-23, exports registered a growth of 17.12 per cent to $192.59 billion. Imports during the five-month period of this fiscal grew by 45.64 per cent to $317.81 billion. Trade deficit widened to $125.22 billion in April-August this fiscal as against $53.78 billion in the same period last year. Oil imports in August jumped by 86.44 per cent to $17.6 billion. However, gold imports dipped by 47.54 per cent to $3.51 billion.

Value of non-petroleum exports in August 2022 was $28.09 billion, registering a negative growth of only 2.22% over non-petroleum exports of $ 28.73 billion in August 2021. The value of non-petroleum exports in April -August 2022-23 was $ 152.29 billion, an increase of 7.97% over $141.05 billion in April -August 2021-22. Value of non-petroleum and non-gems and jewellery exports in August 2022 was $ 24.8 billion, registering a negative growth of 1.96% over non-petroleum and non-gems and jewellery exports of $25.29 billion in August 2021. The cumulative value of non-petroleum and non-gems and jewellery exports in April -August 2022-23was $135.49 billion, an increase of 8.4% over cumulative value of non-petroleum and non-gems and jewellery exports of $124.99 billion in April -August 2021-22.

Value of non-petroleum imports was $44.07 billion in August 2022 with a positive growth of 23.63% over non-petroleum imports of $35.65 billion in August 2021.The cumulative value of non-petroleum imports in April -August 2022-23 was $218.44 billion, showing an increase of 32.02% compared to non-oil imports of $165.46 billion in April -August 2021-22. Value of non-oil, non-GJ (gold, silver & Precious metals) imports was $37.46 billion in August 2022 with a positive growth of 40.37%over non-oil and non-GJ imports of $26.69 billion in August 2021.Non-oil, non-GJ (Gold, Silver & Precious Metals) imports in April -August 2022-23 was $184.98 billion, recording a positive growth of 37.59%, as compared to non-oil and non-GJ imports of $134.44 billion in April -August 2021-22.

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