Exports jumped about 46 percent in August, but trade deficit reached 4-month high

India Export and Import in August: India’s exports registered a jump of 45.76 percent in the month of August. India’s total exports stood at $ 33.28 billion last month. Engineering, petroleum products, gems and jewelery and chemicals have contributed a lot to this export. However, last month, the trade deficit reached a 4-month high and stood at $13.81 billion due to a pick-up in imports.

In August, there was a jump of 51.72 percent in total imports and this figure stood at $ 47.09 billion. In August 2020, the country’s total imports stood at $ 31.03 billion. This information has been shared by the Ministry of Commerce. In August 2020, the country’s trade deficit was $ 8.2 billion, which has increased to $ 13.81 billion. The country’s trade deficit stood at $15.10 billion in April 2021 and is the highest after that.

Trade deficit between April-August $55.54 billion

The total trade deficit between April-August in the current financial year stood at $55.54 billion as against $23.35 billion in the same period last year. During April-August, total exports registered a growth of 67.33 percent and stood at $ 164.10 billion. During this, total imports increased by 80.89 percent to $219.63 billion.

81 percent jump in oil imports

Oil imports registered a jump of 80.64 percent in August and stood at $ 11.65 billion. Gold imports registered an increase of 82.48 percent and stood at $ 6.75 billion.

freight support needed

Regarding this boom, SK Sarraf, former president of the export organization FIEO, said that India is committed to the export target of $ 400 billion. He believes that this target will be achieved in the current financial year. FIEO has been appealed to by the current President A. Strictwal to help the government in freight charges by March 31, 2022. He said that at this time the rent has increased a lot. In such a situation, the help of the government is needed to support exports.

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(PTI input)