New Delhi, Sep 14 (Mayank Nigam) India’s merchandise trade deficit surged 139 per cent year-on-year in August 2022 to $27.98 billion as imports outpaced exports during the month. As per the data released by the Commerce and Industry Ministry on Wednesday, the merchandise exports saw a marginal increase of 1.62 per cent year-on-year to $33.92 billion in August 2022 as against $33.38 billion in the corresponding period last year. In comparison, imports in August surged 37 per cent year-on-year to $61.90 billion. Tobacco (76.4 per cent), oil meals (73.7 per cent), electronic goods (50.8 per cent) and rice (43.6 per cent) recorded high export growth during August 2022 as compared to the same period last year. Non-petroleum and non-gems and jewellery exports in August 2022 were $24.88 billion, a negative growth of 1.64 per cent over exports of $25.29 billion in August 2021.
Non-petroleum, non-gems and jewellery (gold, silver & precious metals) imports were $37.53 billion in August 2022 with a positive growth of 40.63 per cent over imports of $26.69 billion in August 2021. Merchandise exports for April-August 2022 were $193.51 billion as against $164.44 billion during the period April-August 2021, a positive growth of 17.68 per cent. The official data showed merchandise imports for the period April-August 2022 were $318.03 billion as against $218.22 billion in April-August 2021, a positive growth of 45.74 per cent. “The merchandise trade deficit for April-August 2022 was estimated at USD 124.52 bn as against USD 53.78 billion in April-August 2021, which is an increase of 131.52 per cent,” a media release said.
India’s overall exports (merchandise and services combined) in August 2022 are estimated to be $57.47 billion, a positive growth of 6.75 per cent over the same period last year. Overall imports in August 2022 are estimated to be $75.84 billion, exhibiting a positive growth of 33.15 per cent over the same period last year. India’s overall exports (merchandise and services combined) in April-August 2022 are estimated to be $311.82 billion, a positive growth of 19.72 per cent over the same period last year. Overall imports in April-August 2022 are estimated to be $390.91 billion, exhibiting a positive growth of 43.78 per cent over the same period last year.