India's merchandise exports touch $ 33 billion in August 2022

India's merchandise exports touch $ 33 billion in August 2022

New Delhi, September 3, 2022

India's merchandise exports touched $ 33 billion in August this year, almost similar to the levels of $ 33.38 billion achieved in the same month of 2021.

The value of non-petroleum export in August 2022 was $ 28.09 billion, 2.22% lower than $ 28.73 bilion recorded in August last year.

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, an official press release said.

The value of non-petrolum and non-gems and jewellery exports in August 2022 was $ 24.8 billion, down 1.96% from $ 25.29 billion achieved in the same month of last year.

The cumulative value of non-petroleum and non-gems and jewellery exports in April-August 2022-23 was $ 135.49 billion, an increase of 8.4% over $ 124.99 billion in the same period of the previous financial year.

Amongst the major products, exports of Electronic goods (50.68%) , Rice (42.32%), Organic and Inorganic chemicals (13.35%) registered impressive growth during August 2022.

India’s merchandise imports in August 2022 were $ 61.68 billion, an increase of 36.78% over $ 45.09 billion in August 2021. India’s merchandise imports in April-August 2022-23 were $ 317.81 billion with an increase of 45.64% over $ 218.22 billion in April-August 2021-22.

The value of non-petroleum imports was $ 44.07 billion in August 2022 with a 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 2022-23was $ 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 growth of 40.37%over non-oil and non-GJ imports of $ 26.69 billion in August 2021. Non-oil, non-GJ imports in April -August 2022-23 was $ 184.98 billion, recording a growth of 37.59%, as compared to $ 134.44 billion in the corresponding period of 2021-22.

"The import surge reflects the strong demand of the domestic economy due to robust growth and strong fundamentals of the Indian economy. In value terms, the surge in imports is due to a combination of quantity and price factors. High increase in import values in August 2022 have been witnessed in the following major commodity groups Coal, Coke & Briquettes, etc.(133.64%), Petroleum, Crude & products (86.44%), Organic & Inorganic Chemicals (42.73%), Vegetable Oil (41.55%)," the release said.

Services exports of $ 94.757 billion for the April-July 2022 are significantly higher (26.78%) than the corresponding export value of $ 74.740 billion for the same period of last year.

Services trade balance of $ 35.814 billion for the period April-July 2022 has shown a healthy growth of 7.62% compared to $ 33.279 billion for the same period of 2021-22.

Services exports in FY 2022-23 are projected to be significantly higher than last year’s services exports of $ 254.53 and are on course to break all past records, the release added.

NNN

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