India Export: India’s merchandise exports drop slightly to $33 billion in August

NEW DELHI: India’s merchandise exports fell slightly to $33 billion in August 2022 from $33.38 billion recorded in the same month last year, government data showed on Saturday.

The value of non-oil exports in August 2022 was $28.09 billion, registering a negative growth of 2.22% compared to non-oil exports of $28.73 billion in August 2021, according to data released by the Ministry of Trade and Industry.

The value of non-oil exports in April-August 2022-23 was $152.29 billion, an increase of 7.97% from $141.05 billion in April-August 2021-22.

The value of non-oil and non-precious stones and jewelry exports in August 2022 was $24.8 billion, registering a negative growth of 1.96% compared to non-oil and non-precious stones and jewelry exports. jewelry of $25.29 billion in August 2021.

The cumulative value of non-oil and non-precious stones and jewelry exports in April-August 2022-23 was $135.49 billion, an increase of 8.4% compared to the cumulative value of non-oil exports and other than gemstones and jewelry of $124.99 billion in April-August 2021-22.

Among the main products, exports of electronic products (50.68%), rice (42.32%), organic and inorganic chemicals (13.35%) recorded an impressive growth in August 2022.

India’s merchandise imports in August 2022 were $61.68 billion, an increase of 36.78% from $45.09 billion in August 2021. India’s merchandise imports in April-August 2022-23 were $317.81 billion, with an increase of 45.64% from $218.22 billion in April-August 2021-22.

The value of non-oil imports was $44.07 billion in August 2022, with a positive growth of 23.63% compared to non-oil imports of $35.65 billion in August 2021.

The cumulative value of non-oil imports in April-August 2022-23 was $218.44 billion, an increase of 32.02% from non-oil imports of $165.46 billion in April-August 2021- 22.

The value of non-oil and non-GJ imports (gold, silver and precious metals) was $37.46 billion in August 2022, with a positive growth of 40.37% compared to non-oil and non-GJ imports of 26, $69 billion in August 2021. – Imports of oil, non-GJ (gold, silver and precious metals) in April-August 2022-23 were $184.98 billion, registering a positive growth of 37.59%, compared to non-oil and non-GJ imports of $134.44 billion in April-August 2021-22.

Reacting to the export data, EEPC India President Mahesh Desai said, “For a number of global factors, growth in exports of engineering goods has declined over the past few months. Lower demand from China and recessionary trends in major Western economies contributed to the slowdown in exports. The pace of growth has also slowed due to export duties on certain steel products, including stainless steel products. »

Preliminary trade data showed that exports of engineering goods fell 14.59% year-on-year in August 2022 to $8.25 billion from $9.66 billion in August 2021.

At this point, a fair amount of uncertainty remains due to the impending recession in major economies following the ongoing conflict between Russia and Ukraine. Depending on the depth of the downturn, India’s engineering exporters would be affected, but it is likely to hit MSMEs more which have been grappling with consequential challenges such as the COVID crisis and the subsequent spike in oil prices. raw materials, Desai said.

The weaker than expected GDP growth in the April-June quarter of the current fiscal year was partly attributed to external shocks. Considering this, the government could take other measures such as removing duties on steel products to boost engineering exports, he added.

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