India’s overall exports in August 2023 were estimated at USD 60.87 Billion while the merchandise exports were estimated at USD 34.48 Billion in August 2023, despite global sluggish growth, statistics from the Ministry of Commerce & Industry said on Friday.
Overall trade deficit is projected to improve by 37.85% during April-August 2023, the government said.
Merchandise trade deficit also improves from USD 112.85 Billion during April-August 2022 to USD 98.88 Billion in April-August 2023.
India’s trade deficit, which shows the difference between imports and exports, the country’s trade deficit in the month stood at USD 24.16 billion.
Country’s exports declined by 6.86% to USD 34.48 billion in August this year as against USD 37.02 billion in the same month last year. Imports too declined by 5.23% to USD 58.64 billion as against USD 61.88 billion recorded in August 2022.
Also, during April-August this fiscal, exports contracted by 11.9 per cent to USD 172.95 billion.
Imports during the five-month period fell by 12% to USD 271.83 billion. In July, it rose to USD 20.67 billion as compared to USD 20.13 billion in June. On a year-on-year basis, the deficit was down as compared to USD 25.7 billion in July last year.
As per the data released by the government, Engineering Goods exports record a growth of 7.73% from USD 8.41 Billion in August 2022 to USD 9.05 Billion in August 2023 while Electronic Goods exports register growth of 26.29% and 35.22% in August 2023 and April-August 2023.
Ceramic products & glassware exports grow by 29.28% in August 2023 and 15.74% in April-August 2023. Drugs and pharma exports continue to grow at 4.53% in August 2023
Agricultural exports registered robust growth in August 2023 with Oil Meals at 57.26%, Tobacco at 20.03%, Oil Seeds at 17.02%, Meat, Dairy & Poultry Products at 16.46%, Cashew at 14.25%, Fruits & Vegetables at 14.19%, Cereal Preparations & Miscellaneous Processed Items at 12.88%.