India’s trade deficit stood at $29.65 billion in August compared with $23.5 billion in July and $20.98 billion in June, as per the Ministry of Commerce and Industry data released here on Tuesday.
The trade deficit widened to a 10-month high in August as imports increased and damp global demand amid geopolitical challenges led to a drop in exports from a year ago.
According to the data shared by the ministry, the merchandise exports during August 2024 were USD 34.71 billion as compared to USD 38.28 billion in August 2023. Merchandise imports during August 2024 were USD 64.36 billion as compared to USD 62.30 billion in August 2023.
Further, the data shows that the merchandise trade deficit during April-August 2024 was USD 116.64 billion compared to USD 99.16 billion during April-August 2023.
India’s total exports, combining merchandise and services, for August 2024 is estimated at USD 65.40 billion, registering a negative growth of (-) 2.38% vis-à-vis August 2023.
Total imports, merchandise, and services combined, for August 2024 is estimated at USD 80.06 billion, registering a positive growth of 3.45% compared to August 2023.
The estimated value of services export for August 2024 is USD 30.69 billion as compared to USD 28.71 billion in August 2023, the ministry data said.
While the estimated value of services imports for August 2024 is USD 15.70 billion as compared to USD 15.09 Billion in August 2023.
Services exports is estimated to grow by 10.84 per cent during April-August 2024 over April-August 2023, the ministry said in a statement.
The top 5 export destinations, in terms of change in value, exhibiting positive growth in August 2024 over last year are the Netherlands (28.92%), Kenya (105.72%), Russia (44.61%), Brazil (27.05%) and UK (14.57%).
The top 5 import sources, in terms of change in value, exhibiting growth in August 2024 are USE (72.7%), Switzerland (80.45%), China P Rp (15.55%), UK (124.55%) and Oman (274.95%).