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India’s merchandise exports rise 1.62% in August; trade deficit widens to $27.98 billion

15 Sep 2022 Evaluate

The commerce ministry in its latest data has showed that India’s merchandise exports rose marginally by 1.62 per cent to $33.92 billion in August 2022 as compared to $33.38 Billion in August 2021. Merchandise imports in August 2022 were $61.90 Billion, which is an increase of 37.28 per cent over imports of $45.09 Billion in August 2021. Merchandise trade deficit more than doubled to $27.98 billion in August as against $11.71 Billion in August 2021 due to increased crude oil imports.

As per the data, merchandise exports for the period April-August 2022 were $193.51 Billion as against $164.44 Billion during the period April-August 2021, registering a positive growth of 17.68 per cent. Merchandise imports for the period April-August 2022 were $318.03 Billion as against $218.22 Billion during the period April-August 2021, registering a positive growth of 45.74 per cent. The merchandise trade deficit for April-August 2022 was estimated at $124.52 Billion as against $53.78 Billion in April-August 2021, which is an increase of 131.52 per cent.

Data further showed that non-petroleum and non-gems & jewellery exports in August 2022 were $24.88 Billion, registering a negative growth of (-) 1.64 per cent over non-petroleum and non-gems & jewellery exports of $25.29 Billion in August 2021. Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports were $37.53 Billion in August 2022 with a positive growth of 40.63 per cent over Non-petroleum, non-gems & jewellery imports of $26.69 Billion in August 2021.

It also stated that non-petroleum and non-gems & jewellery exports during April-August 2022 was $135.57 Billion, an increase of 8.47 per cent over non-petroleum and non-gems & jewellery exports of $124.99 Billion in April-August 2021. Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports were $185.05 Billion in April-August 2022, recording a positive growth of 37.64 per cent, as compared to Non-petroleum, non-gems & jewellery imports of $134.44 Billion in April-August 2021.

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