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Exports fall 7% to $34.48 bn in Aug
Trade deficit remained flat at $24.16 bn
Global Headwinds
♦ Imports also declined for consecutive 9th month
♦ Inbound consignments fell 5.23% to $58.64 bn
♦ Tea, coffee, rice, spices, gems and jewellery suffered drop in exports
New Delhi: India’s exports declined 6.86 per cent to $34.48 billion, the seventh month in a row, in August this year due to a fall in shipments from key sectors like petroleum and gems and jewellery on subdued global demand. The trade deficit (difference between imports and exports) during the month remained almost flat at $24.16 billion. However, it widened on a sequential basis, as it was $20.67 billion in July. According to the government data released on Friday, imports also declined, ninth month in a row, by 5.23 per cent to $58.64 billion against $61.88 billion recorded in August 2022.
Cumulatively, exports during April-August this fiscal contracted by 11.9 per cent to $172.95 billion. Imports during the five-month period fell by 12 per cent to $271.83 billion. The trade deficit narrowed to $98.88 billion against $112.85 billion during April-August 2022. Briefing media about the data, Commerce Secretary Sunil Barthawal said that “there is some improvement and it is a good sign for us. India’s exports contracted by 15.88 per cent in July. He added that till July, there was a pessimism, but now green shoots are visible. It means the global situation is improving. The trade deficit, which has always been a concern, but the figures (August) are looking good. It is a soothing factor for the economy.”
