TMI BlogIndia’s overall exports (Merchandise and Services combined) in August 2021* are estimated to be USD 52.20 BillionX X X X Extracts X X X X X X X X Extracts X X X X ..... India’s overall exports (Merchandise and Services combined) in August 2021* are estimated to be USD 52.20 Billion - News and Press Release Dated:- 14-9-2021 - News - 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 August 2021 (USD Billion) August 2020 (USD Billion) August 2019 (USD Billion) Growth vis- -vis August 2020 (%) Growth vis- -vis August 2019 (%) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Merchandise Exports 33.28 22.83 25.99 45.76 28.03 Imports 47.09 31.03 39.85 51.72 18.15 Trade Balance -13.81 -8.20 -13.86 -68.30 0.37 Services* Exports 18.92 16.13 17.55 17.33 7.83 Imports 11.48 9.25 10.64 24.11 7.94 Net of Services 7.44 6.88 6.91 8.21 7.66 Overall Trade (Merchandise+ Services)* Exports 52.20 38.96 43.54 33.99 19.89 Imports 58.57 40.29 50.49 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 45.38 16.00 Trade Balance -6.37 -1.33 -6.95 -379.58 8.36 * 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. April-August 2021 (USD Billion) April-August 2020 (USD Billion) April-August 2019 (USD Billion) Growth ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vis- -vis April-August 2020 (%) Growth vis- -vis April-August 2019 (%) Merchandise Exports 164.10 98.06 133.14 67.33 23.25 Imports 219.63 121.42 210.39 80.89 4.39 Trade Balance -55.54 -23.35 -77.25 -137.79 28.11 Services* Exports 92.08 79.79 88.10 15.40 4.51 Imports 53.81 45.13 54.13 19.24 -0.57 Net of Services 38.26 34.66 33.98 10.40 12.61 Overall Trade (Merchandise+ Services)* Exports 256.17 177.85 221.24 44.04 15.79 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Imports 273.45 166.55 264.51 64.18 3.38 Trade Balance -17.27 11.30 -43.27 -252.82 60.08 * 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 durin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g August 2021 vis- -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- -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 (₹ 12,1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4,442.50Crore) 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 Augus ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t 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- -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 (₹ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 st September 2021, exports in July 2021 were USD 18.52Billion (₹ 1,38,053.81Crore) registering a positive growth of 10. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 87per cent in Dollar terms, vis- -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- -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- -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- -vis August 2020 (USD 9.25 Billion) and a positivegrowth of7.94per cent vis- -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 ba ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lance 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 EXPORTS IMPORTS: (Rs. Crore) (PROVISIONAL) AUGUST APRIL-AUGUST EXPORTS(including re-exports) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2019-20 1,84,921.23 9,28,243.85 2020-21 1,70,470.61 7,38,849.55 2021-22 2,46,863.37 12,14,442.50 %Growth 2021-22/ 2020-21 44.81 64.37 %Growth 2021-22/ 2019-20 33.50 30.83 IMPORTS 2019-20 2,83,530.41 14,66,659.90 2020-21 2,31,736.82 9,14,778.03 2021-22 3,49,301.90 16,26,077.93 %Growth 2021-22/ 2020-21 50.73 77.76 %Growth 2021-22/ 2019-20 23.20 10.87 TRADE BALANCE 2019-20 -98,609.17 -5,38,416.05 2020-21 -61,266.20 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... -1,75,928.48 2021-22 -1,02,438.53 -4,11,635.43 SERVICES TRADE EXPORTS IMPORTS (SERVICES) : (US $ Billion) (PROVISIONAL) July 2021 April-July 2021 EXPORTS (Receipts) 18.52 73.15 IMPORTS (Payments) 11.06 42.33 TRADE BALANCE 7.47 30.82 EXPORTS IMPORTS (SERVICES): (Rs. Crore) (PROVISIONAL) July 2021 April-July 2021 EXPORTS (Receipts) 1,38,053.81 5,41,002.03 IMPORTS (Payments) 82,404.50 3,13,072.47 TRADE BALANCE 55649.31 2,27,929.57 Source: RBI Press Release dated 1 st September 2021 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Click her to see Quick Estimates August 2021 - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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