Merchandise exports down by 6.86% in August

India’s overall exports (Merchandise and Services combined) in August 2023 are estimated to be US$ 60.87 Billion, showing a negative growth of (-) 4.17% over August 2022.

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According to government data, merchandise exports declined by 6.86% to US$ 34.48 billion during the month of August this year. In August 2022, the exports stood at US$ 37.02 billion.

India’s merchandise imports fell by 5.23% year-on-year in August 2023. During the month, merchandise imports were recorded at US$ 58.64 billion, as against US$ 61.88 billion in August 2022.

India’s overall exports (Merchandise and Services combined) in August 2023 are estimated to be US$ 60.87 Billion, showing a negative growth of (-) 4.17% over August 2022. Overall imports in August 2023 are projected at US$ 72.50 Billion, exhibiting a negative growth of (-) 5.97% over August 2022.

Table: Trade in August 2023 (US$ Billion)

		Aug-23	Aug-22
Merchandise	Exports	34.48	37.02
	Imports	58.64	61.88
Services	Exports	26.39	26.5
	Imports	13.86	15.22
Overall Trade (Merchandise +Services)	Exports	60.87	63.52
	Imports	72.5	77.1
	Trade Balance	-11.63	-13.58

Source: PIB

The trade deficit in the month of August was recorded at US$ 24.16 billion. 

However, growth in exports was seen for:

• Engineering Goods exports recorded a growth of 7.73% from US$ 8.41 Billion in August 2022 to US$ 9.05 Billion in August 2023.
• Electronic Goods exports registered a growth of 26.29% and 35.22% in August 2023 and April-August 2023 respectively.
• Ceramic products and glassware exports grew by 29.28% in August 2023 and 15.74% in April-August 2023. 
• Drugs and pharma exports continue to grow at 4.53% in August 2023.

During August 2023 growth in agricultural exports was recorded for:

• Oil Meals (57.26%), 
• Tobacco (20.03%), 
• Oil Seeds (17.02%), 
• Meat, Dairy & Poultry Products (16.46%), 
• Cashew (14.25%), 
• Fruits & Vegetables (14.19%), 
• Cereal Preparations & Miscellaneous Processed Items (12.88%)