India’s overall exports (Merchandise and Services combined) in August 2021* are estimated to be USD 52.20 Billion

Indian exports grow by 33.99 per cent over the same period last year and 19.89 per cent over August 2019.

INDIA’S FOREIGN TRADE: August 2021

India’s overall exports (Merchandise and Services combined) in August 2021* are estimated to be USD 52.20Billion, exhibiting a positive growth of 33.99 per cent over the same period last year and a positive growth of 19.89 per cent over August 2019. Overall imports in August 2021* are estimated to be USD 58.57Billion, exhibiting a positive growth of 45.38per cent over the same period last year and a positive growth of 16.00 per cent over August 2019

* Note: The latest data for services sector released by RBI is for July 2021. The data for August 2021 is an estimation, which will be revised based on RBI’s subsequent release.(ii) Data for2019 and 2020 are revised on pro-rata basis using quarterly balance of payments data.

India’s overall exports (Merchandise and Services combined) in April-August 2021* are estimated to be USD 256.17 Billion, exhibiting a positive growth of 44.04 per cent over the same period last year and a positive growth of 15.79 per cent over April-August 2019. Overall imports in April-August 2021* are estimated to be USD 273.45 Billion, exhibiting a positive growth of 64.18 per cent over the same period last year and a positive growth of 3.38 per cent over April-August 2019.

* Note: The latest data for services sector released by RBI is for July 2021. The data for August 2021 is an estimation, which will be revised based on RBI’s subsequent release.(ii) Data for 2019  and 2020  are revised on pro-rata basis using quarterly balance of payments data.

I. MERCHANDISE TRADE

EXPORTS (including re-exports)

• Exports in August 2021 were USD 33.28 Billion, as compared to USD 22.83 Billion in August 2020, exhibiting a positive growth of 45.76 per cent. In Rupee terms, exports were ₹ 2,46,863.37 Crore in August 2021, as compared to ₹ 1,70,470.61 Crore in August 2020, registering a positive growth of 44.81 per cent. As compared to August 2019, exports in August 2021 exhibited a positive growth of 28.03 per cent in Dollar terms and 33.50per cent in Rupee terms.
• The commodities/commodity groups which have recorded positive growth during August 2021 vis-à-vis August 2020 arePetroleum products (144.6%), Gems & jewellery (88.3%), Engineering goods (59.01%), Cotton yarn/fabs./made-ups, handloom products etc. (55.84%), Man-made yarn/fabs./made-ups etc. (51.71%), Marine products (50.7%), Coffee (42.31%), Mica, Coal & other ores, minerals including processed minerals (38.56%), Organic & inorganic chemicals (35.94%), Electronic goods (31.67%), Jute mfg. including floor covering (25.3%), Handicrafts excl. handmade Carpet (24.67%), Ceramic products & glassware (18.07%), Plastic & Linoleum (16.33%), RMG of all textiles (14.15%), Cashew (12.58%), Cereal preparations & miscellaneous processed items (12.19%), Fruits & Vegetables (10.13%), Tea (8.55%), Leather & leather products (8.37%), Carpet (6.93%), Rice (6.78%), Drugs & Pharmaceuticals (1.36%) and Spices (0.23%).
• The commodities/commodity groups which have recorded negative growth during August 2021 vis-à-vis August 2020 are Iron ore (-64.58%), Oil meals (-45.75%), Meat, dairy & poultry products (-15.39%), Oil seeds (-5.78%), Other cereals (-2.56%) and Tobacco (-2.55%).
• Cumulative value of exports for the period April-August 2021 was USD 164.10 Billion (₹ 12,14,442.50Crore) as against USD 98.06 Billion (₹ 7,38,849.55 Crore) during the period April-August 2020, registering a positive growth of 67.33 per cent in Dollar terms (positive growth of 64.37 per cent in Rupee terms). As compared to April-August 2019, exports in April-August 2021 exhibited a positive growth of 23.25 per cent in Dollar terms and 30.83 per cent in Rupee terms.
• Non-petroleum and Non-Gems and Jewellery exports in August 2021 were USD 25.19 Billion, as compared to USD 19.10 Billion in August 2020, registering a positive growth of 31.87 per cent. As compared to August 2019, Non-petroleum and Non-Gems and Jewellery exports in August 2021registered a positive growth of 28.73 per cent. Non-petroleum and Non-Gems and Jewellery exports in April-August 2021 were USD 124.55 Billion, as compared to USD 83.48 Billion for the corresponding period in 2020-21, which is an increase of 49.21 per cent. As compared to April-August 2019, Non-petroleum and Non-Gems and Jewellery exports in April-August 2021 registered a positive growth of 24.99 per cent.

IMPORTS

• Imports in August 2021 were USD 47.09 Billion (₹ 3,49,301.90 Crore), which is an increase of 51.72 per cent in Dollar terms and 50.73 per cent in Rupee terms over imports of USD 31.03 Billion (₹ 2,31,736.82 Crore) in August 2020. Imports in August 2021 have registered a positive growth of18.15 per cent in Dollar terms and 23.20 per cent in Rupee terms in comparison to August 2019. Cumulative value of imports for the period April-August 2021 was USD 219.63 Billion (₹ 16,26,077.93 Crore), as against USD 121.42 Billion (₹ 9,14,778.03 Crore) during the period April-August 2020, registering a positive growth of 80.89 per cent in Dollar terms and a positive growth of 77.76 per cent in Rupee terms. Imports in April-August 2021 have registered a positive growth of 4.39 per cent in Dollar terms and positive growth of 10.87 per cent in Rupee terms in comparison to April-August 2019.
• Major commodity groups of import showing negative growth in August2021 over the corresponding month of last year are:

CRUDE OIL AND NON-OIL IMPORTS:

• Oil imports in August 2021 were USD 11.65Billion (₹ 86,458.11 Crore), which was 80.64 percent higher in Dollar terms (79.46 percent higher in Rupee terms), compared to USD 6.45 Billion (₹ 48,177.68 Crore) in August 2020. As compared to August 2019, oil imports in August 2021 were 5.96 percent higher in Dollar terms and 10.48per cent higher in Rupee terms. Oil imports in April-August 2021 were USD 55.55 Billion (₹ 4,11,314.23 Crore) which was 112.13 per cent higher in Dollar terms (108.41 percent higher in Rupee terms) compared to USD 26.19 Billion (₹ 1,97,353.69 Crore), over the same period last year. As compared to April-August 2019, oil imports in April-August 2021 were 1.00 percent lower in Dollar terms and 5.12per cent higher in Rupee terms.
• In this connection it is mentioned that the global Brent price ($/bbl) has increased by 58.20% in August 2021 vis-à-vis August 2020 as per data available from World Bank.
• Non-oil imports in August 2021 were estimated at USD 35.43 Billion (₹ 2,62,843.79 Crore) which was 44.13 percent higher in Dollar terms (43.19 percent higher in Rupee terms), compared to USD 24.58 Billion (₹ 1,83,559.14 Crore) in August 2020. As compared to August 2019, Non-oil imports in August 2021, were 22.80per cent higher in Dollar terms and 28.04 per cent higher in Rupee terms. Non-oil imports in April-August 2021 were USD 164.08 Billion (₹ 12,14,763.70 Crore) which was 72.30 per cent higher in Dollar terms (69.32 percent higher in Rupee terms), compared to USD 95.23 Billion (₹ 7,17,424.34 Crore) in April-August 2020. As compared to April-August 2019, Non-oil imports in April-August 2021 were 6.36 per cent higher in Dollar terms and 12.96 per cent higher in Rupee terms.
• Non-Oil and Non-Gold imports were USD 28.67Billion in August 2021, recording a positive growth of 37.33per cent, as compared to Non-Oil and Non-Gold imports of USD 20.88Billion in August 2020. Non-Oil and Non-Gold imports in August 2021 recorded a positive growth of 4.32 per cent over August 2019. Non-Oil and Non-Gold imports were USD 145.23Billion in April-August 2021, recording a positive growth of 63.08per cent, as compared to Non-Oil and Non-Gold imports of USD 89.06Billion in April-August 2020. Non-Oil and Non-Gold imports in April-August 2021 recorded a positive growth of 3.93 per cent over April-August 2019.

II. TRADE IN SERVICES

EXPORTS (Receipts)

• As per the latest press release by RBI dated 1^stSeptember 2021, exports in July 2021 were USD 18.52Billion (₹ 1,38,053.81Crore) registering a positive growth of 10.87per cent in Dollar terms, vis-à-vis July2020. The estimated value of services export for August2021* is USD 18.92Billion, exhibiting a positive growth of 17.33 per centvis-a-visAugust 2020 (USD 16.13 Billion) and a positive growth of 7.83 per cent vis-à-vis August 2019 (USD 17.55 Billion).

IMPORTS (Payments)

• As per the latest press release by RBI dated 1^st September 2021, imports in July 2021were USD 11.06Billion (₹ 82,404.50Crore) registering a positive growth of 14.16per cent in Dollar terms, vis-à-vis July 2020. The estimated value of services import for August2021* is USD 11.48Billion exhibiting a positive growth of 24.11 per cent vis-à-vis August 2020 (USD 9.25 Billion) and a positivegrowth of7.94per cent  vis-à-vis August 2019 (USD 10.64 Billion).

III.TRADE BALANCE

• MERCHANDISE: The trade balance for August2021 was estimated at USD(-) 13.81Billion as against USD(-) 8.20Billion inAugust2020, which is a declineof (-) 68.30 percent. As compared to August 2019 (USD (-) 13.86 Billion), trade balance in August 2021 exhibited a positive growth of0.37 per cent.     
• SERVICES: As per RBI’s Press Release dated 1^st September 2021, the trade balance in Services (i.e. Net Services export) for July 2021is USD7.47Billion. The estimated trade balance in August 2021* is USD 7.44Billion, which is an increase of 8.21 per cent over August 2020 (USD 6.88 Billion) and an increase of7.66 per cent over August2019 (USD 6.91 Billion).
• OVERALL TRADE BALANCE: Taking merchandise and services together, overall trade balance for August 2021* is estimated atUSD (-) 6.37Billion as compared to USD(-)1.33Billion in August 2020, a decline of (-) 379.58 per cent. In comparison to August 2019(USD (-) 6.95 Billion), trade balance in August 2021 exhibited a positive growth of8.36per cent.

*Note: The latest data for services sector released by RBI is for July 2021. The data for August 2021 is an estimation, which will be revised based on RBI’s subsequent release.(ii) Data for 2019  and 2020  are revised on pro-rata basis using quarterly balance of payments data.

MERCHANDISE TRADE

SERVICES TRADE

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