Trade Deficit Widens: Exports Rise 46% To $33.28 Billion

India's total exports (Merchandise and Services combined) are expected to reach USD 52.20 billion in August 2021, representing a positive growth of 33.99 percent over the same period last year and 19.89 percent over August 2019.

When a country's imports surpass its exports during a specific time period, it has a trade deficit. A negative trade balance is another term for it.

Overall imports are expected to reach USD 58.57 billion in August 2021, representing a 45.38 percent increase over the same time last year and a 16 percent increase over August 2019.

Imports grew by 51.72 percent to USD 47.09 billion for the month, according to the figures.

Oil imports in August 2021 totaled USD 11.65 billion (Rs. 86,458.11 crore), up from USD 6.45 billion (Rs. 48,177.68 crore) in August 2020. This is an increase of 80.64 percent in Dollar terms (79.46 percent in Rupee terms).

The trade deficit climbed to USD 13.81 billion in August, up from USD 8.2 billion the month before. The entire value of exports climbed by 67.33 percent from April to August 2021, to USD 164.10 billion, up from USD 98.06 billion the previous year.

Imports in August 2021 totaled USD 47.09 billion (Rs.3,49,301.90 crore), up 51.72 percent in dollars and 50.73 percent in rupees compared to August 2020 imports of USD 31.03 billion (Rs2,31,736.82 crore). Imports increased by 18.15 percent in dollars and 23.20 percent in rupees in August 2021, compared to August 2019.

According to the RBI's most recent press statement dated September 1, 2021, exports in July 2021 totaled USD 18.52 billion (Rs.1,38,053.81 crore), an increase of 10.87 percent in dollar terms over July 2020.