India’s exports declined by 6.86 per cent to USD 34.48 billion in August 2023 as against USD 37.02 billion in the same month in 2022, according to the government data on Friday (September 15).
The imports also saw a dip of 5.23 per cent to USD 58.64 billion in August this year as against USD 61.88 billion recorded in August last year, the data showed.
The trade deficit of the country in August was recorded at USD 24.16 billion.
During April-August this fiscal, exports contracted by 11.9 per cent to USD 172.95 billion. Imports during the five-month period dipped by 12 per cent to USD 271.83 billion.
Cumulatively, exports during April-August this fiscal contracted by 11.9 per cent to USD 172.95 billion.
The trade deficit narrowed to USD 98.88 billion against USD 112.85 billion during April-August 2022.
Talking to the 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, has always been a concern, but the figures (August) are looking good. It is a soothing factor for the economy," Barthwal said.
He, however, expressed concerns over rising interest rates in Europe, which may impact their manufacturing and Indian shipments.
On the import front, oil shipments in August dipped by 23.76 per cent to USD 13.2 billion. During April-August 2023, it declined by 23.33 per cent to USD 68.3 billion.
Gold imports in August rose by 38.75 per cent to USD 4.93 billion. During April-August 2023, it increased by 10.48 per cent to USD 18.13 billion.
According to the data, exports of electronic goods rose by 26.29 per cent in August to USD 2.17 billion. During the five-month period, it has increased by 35.22 per cent to USD 11.18 billion.
Further services exports in August are estimated at USD 26.39 billion compared to USD 26.5 billion a year ago. Imports stood at USD 13.86 billion against USD 15.22 billion.
The estimated value of services exported in April-August 2023 was USD 133.38 billion compared to USD 126.85 billion in April-August 2022.
(With PTI inputs)
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