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India’s trade deficit in August expanded at USD 29.65 Billion, driven by a combination of declining exports and rising imports, as the data by the Ministry of Commerce and Industry showed on Wednesday.
The total exports for August 2024 amounted to USD 65.40 billion, registering a decline of 2.38% from USD 67.00 billion in August 2023. Meanwhile, total imports stood at USD 80.06 billion, reflecting a 3.45% rise from USD 77.39 billion.
Previous month in July, India recorded a trade deficit of USD 23.5 Billion.
The merchandise exports fell to USD 34.71 billion in August 2024, a decline from USD 38.28 billion in August 2023 whereas Merchandise imports rose to USD 64.36 billion, up from USD 62.30 billion in August 2023.
For services, exports were estimated at USD 30.69 billion, a 6.90% rise from USD 28.71 billion in August 2023 imports were estimated at USD 15.70 billion, showing a modest increase from USD 15.09 billion. The services trade surplus reached USD 14.99 billion in August 2024.
Positive growth in merchandise exports was noted in Engineering Goods, Organic & Inorganic Chemicals, Electronic Goods, and Drugs & Pharmaceuticals.
Imports surged for non-petroleum and non-gems & jewellery categories, driven by sectors like machinery and chemicals.
Trade deficit occurs when a country’s imports exceed its exports during a given period. It represents an outflow of domestic currency to foreign markets, as more money is spent on buying foreign goods and services than is earned from selling domestically produced ones abroad.
Movement of Trade Deficit in FY 25
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