New Delhi, Sept 15 (Agency) Amid weak demand from major economies, India’s merchandise exports fell 6.86% year-on-year in August 2023 to US$34.48 billion. Merchandise exports in August 2022 had stood at US$37.02 billion. Merchandise imports also declined in August 2023 and stood at US$58.64 billion as compared to US$61.88 billion in the same month last year registering 5.23% degrowth. Trade deficit in August this year stood at US$24.16 billion.
As per data released by Ministry of Commerce and Industry, merchandise exports for the period April-August 2023 were US$ 172.95 billion as against US$ 196.33 Billion during April-August 2022. “India’s overall exports (merchandise and services combined) in April-August 2023 is estimated to exhibit a negative growth of (-) 5.22 per cent over April-August 2022. Overall imports in April-August 2023 is estimated to exhibit a negative growth of (-) 10.35 per cent over April-August 2022,” said Commerce Ministry.