What’s in the news?
- According to provisional data from the Ministry of Commerce, India’s exports rose 45.17 per cent to USD 33.14 billion in August, driven by healthy growth in sectors such as engineering, petroleum products, gems and jewellery and chemicals.
- Commerce and Industry Minister Piyush Goyal said, “India is galloping towards USD 400 billion merchandise export target for the current financial year.”
- Imports rose to USD 47.01 billion in August from USD 31.03 billion in the same month of 2020. The trade deficit stood at USD 13.87 billion in August 2021 compared to USD 8.2 billion in August 2020.
- Exports during April-August 2021 grew by 66.92 per cent to USD 163.67 billion. Imports during April-August 2021 rose by 81.75 per cent to USD 219.54 billion.