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India’s overall exports, combining merchandise and services, reached $65.4 billion in August 2024, reflecting a 2.4% decline compared to the $67 billion recorded in the same month last year, according latest data collated by the Commerce Ministry.
NSE Merchandise exports took a hit, dropping from $38.28 billion to $34.71 billion.
However, services exports saw a slight increase, rising from $28.71 billion to $30.69 billion.
For the April-August period in the ongoing financial year, India’s total exports have reached $328.86 billion, marking a 5.35% year-on-year (YoY) growth.
Despite the dip in August, the government remains optimistic about hitting its target of $800 billion in total exports for the year. Imports, on the other hand, reached a record $64.36 billion in August, rising from $62.
30 billion in August 2023, the government data revealed. India's trade deficit expanded to $29.65 billion in August, up from $24.
2 billion in the same month last year, according to the latest data. In comparison, July's trade deficit stood at $23.50 billion.
Also read : Piyush Goyal launches 'ChatGPT for Indian exporters' PLI scheme reaping benefits As part of its strategy to boost exports and reduce dependency on imports, the Indian government introduced a production linked incentive (PLI) scheme aimed at making domestic manufacturers more competitive globally. Sectors like electronic goods have benefited from the scheme, contributing to enhanced exports and attracting new investments. ALSO READ | India wholesale inflation falls to 1.
31% in August Previous year’s performance India’s exports reached a record $778 billion in financial year 2023-24, slightly surpassing the $776.3 billion achieved in 2022-23. Services exports rose to $341.
1 billion in 2023-24, while merchandise exports fell marginally to $437.1 billion. Imports for the same year stood at $853.
8 billion, down from $898.0 billion, helping to reduce the trade deficit from $121.6 billion to $75.
6 billion..
