Indian exports declined 6.86 percent to USD 34.48 billion in August 2023 from USD 37.02 billion in 2022, according to official statistics released on Friday, September 15. From USD 61.88 billion last year, imports in August declined 5.23 percent to USD 58.64 billion. August’s trade deficit was $24.16 billion.
Exports declined 11.9% to USD 172.95 billion between April and August of this fiscal year. Imports declined 12% to USD 271.83 billion in five months.
From April to August of this fiscal year, exports declined 11.9% to USD 172.95 billion.
In April-August 2022, the trade deficit fell to USD 98.88 billion from USD 112.85 billion.
Commerce Secretary Sunil Barthawal told reporters that the results are a “good sign for us.”
India’s July exports plummeted 15.88%.
He said pessimism lasted until July, but now green shoots appear.
“It indicates that the global situation is improving.” August trade deficit numbers are optimistic. Barthwal said it calms the economy.
He was concerned about rising European interest rates, which would affect European industry and Indian shipping.
August oil imports plummeted 23.76 percent to USD 13.2 billion. It dropped 23.33 percent to USD 68.3 billion between April and August 2023.
Gold imports rose 38.75% to $4.93 billion in August. It rose 10.48% to USD 18.13 billion between April and August 2023.
According to the statistics, August electronic products exports rose 26.29 percent to USD 2.17 billion. It rose 35.22 percent to USD 11.18 billion in five months.
At USD 26.39 billion, August service exports are up from USD 26.5 billion a year earlier. Imports were USD 13.86 billion and exports USD 15.22 billion.
The estimated value of services exported was USD 133.38 billion in April-August 2023, up from USD 126.85 billion in 2022.
Conclusion:-
August 2023 exports declined 6.86% to USD 34.48 billion and imports fell 5.23% to USD 58.64 billion for India. August’s trade deficit was $24.16 billion. In April–August 2023, exports declined 11.9% to USD 172.95 billion and imports fell 12% to USD 271.83 billion. From April to August 2022, the trade deficit fell to USD 98.88 billion from USD 112.85 billion. Commerce Secretary Sunil Barthawal expressed optimism about the recovery, emphasizing the better global scenario. He worried that rising European interest rates could hurt manufacturing and Indian shipments. Oil imports plummeted 23.76% to USD 13.2 billion, while gold imports rose 38.75% to USD 4.93 billion. As expected, service exports rose to USD 26.39 billion from USD 26.5 billion, while electronic goods exports rose 26.29% to USD 2.17 billion.
