Export-Import Data: There has been a decline in both the imports and exports of the country in August. There has also been a decline in service exports and service imports, which has affected the trade deficit figures.
Export-Import Data: The data of import-export and trade deficit for the month of August has arrived. India’s exports declined by 6.86 percent to US $ 34.48 billion in August this year. If seen on year-on-year basis, there has been a decline in it because in the same month last year it was at $37.02 billion. This information has been received from the government data released today.
There was also a decline in imports in August
A decline has also been recorded in the country’s imports. Imports have also decreased to $58.64 billion in August 2023. It stood at $61.88 billion in August 2022. In this way, if seen on year-on-year basis, a decline of 5.23 percent has been seen in the country’s imports.
Country’s trade deficit exceeds 24 billion dollars
According to the data, the country’s trade deficit in August stood at $24.16 billion and during April-August in the current financial year 2023-24, exports declined by 11.9 percent to $172.95 billion and imports declined by 12 percent to $271.83 billion.
Decline in import and export of service exports
In the month of August, there has been a decline in both service export and import i.e. import and export of services. Service exports stood at $26.39 billion in August 2023, which was $27.17 billion in the previous year i.e. August 2022. Whereas service import stood at $13.86 billion in August 2023, which was $14.85 billion a year ago i.e. in August 2022. There has also been a decline in service exports and service imports, which has affected the trade deficit figures.
Good growth seen in other sectors also
However, the import-export data of other sectors has been good as the growth of engineering goods stood at 7.73 percent while the growth of electronics goods stood at 26.29 percent. Whereas other goods like ceramic goods, drugs and pharma, agriculture exports are also performing well.
