After experiencing a tough time in normalizing the trading activities India’s merchandise export jumped by 45 percent to $33.14 billion in August against $22.83 billion in the same month of last year.
According to the commerce ministry’s provisional data, net export during FY2021-22 from April to August stood at $163.67 billion, which is an increase of 66.92 percent as compared to $98.05 billion in the same period of last year.
However, the trade deficit in August 2021 was $13.87 billion against $8.2 billion in the same month last year. The surge in deficit for the month of August has been caused due to increase in imports from $31.03 billion to $47.01 billion, as a result leaving an import hike of 51.47 percent.
India in the month of April-June did a record-breaking; the highest-ever merchandise export of 95 billion, which is 18 percent higher than the first quarter of FY 2019-20. The merchandise export substantially increased by 47 percent in June, driven by demand in engineering goods, petroleum products, gems & jewelry, pharmaceuticals, organic and inorganic chemicals.