India Export-Import Data: Due to record jump in imports and fall in exports, India’s trade deficit has increased to $29.65 billion in August 2024, which was $24.2 billion in the same month last year in 2023. The trade deficit was $23.50 billion in July 2024. India’s merchandise exports declined by 9.3 percent to $34.71 billion in the month of August from $38.28 billion in August last year. Merchandise imports rose by 3.3 percent to $64.36 billion in August 2024 from $62.30 billion in August 2023. Merchandise exports stood at $33.98 billion and imports at $57.48 billion in July.
Commerce Secretary Sunil Barthwal, in his reaction to the export-import data, said that due to the current global situation, we are facing challenges on the export front. According to the Commerce Secretary, merchandise exports have declined due to the slowdown in China’s economy, reduction in prices of petroleum products, recession in Europe and logistics related challenges. In August 2024, services exports stood at $30.69 billion while imports of services stood at $15.70 billion. In the month of August last year 2023, exports of services stood at $28.71 billion and imports at $15.09 billion.
In the financial year 2024-25, from April to August, exports stood at $178 billion and there has been a jump of 1.1 percent in it. An increase of 7.1 percent in exports has been seen during this period. Due to the increase in smartphone exports, there has been a tremendous increase in electronics goods, electric machinery exports. In the month of August, smartphones have become the eighth most exported item. Commerce Minister Piyush Goyal has expressed hope that in the current financial year, despite all the challenges, India will be able to achieve $800 billion in goods and services exports.
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