Exports up 50.45% in 1st week of August
- IBEF
- August 11, 2021
India's exports increased 50.45% to US$ 7.41 billion from August 1 to 7, led by engineering goods, gems and jewellery, and petroleum products. Imports increased by 70% to US$ 10.45 billion last week, leaving a US$ 3 billion trade deficit, according to preliminary figures issued by the commerce and industry ministry on Tuesday.
The leading export destinations were the United States, the United Arab Emirates, and Saudi Arabia, while imports from the United Arab Emirates, China, and Nigeria increased the most. Engineering goods shipments surged by 63.2%, while petroleum products shipments increased by 145.3%. Shipments of gems and jewellery increased by 121%, while exports of iron ore, oil meals, and oil seeds fell by the most.
Merchandise exports totaled US$ 130.56 billion in the first four months of FY22, accounting for 32.64% of the US$ 400 billion target set by the government for this fiscal year and increasing 73.8% over the same period last year. Oil imports increased by 141% to US$ 1.8 billion in the first week of August, while electronic products imports increased by 31% to US$ 308 million. Imports of gold, on the other hand, declined 12.48% to US$ 100 million.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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