India’s overall exports, encompassing both merchandise and services, totalled USD 65.4 billion in August 2024, marking a 2.4 per cent decline from USD 67 billion in the same month last year, according to the latest data from the Commerce Ministry.
Merchandise exports decreased significantly, falling from USD 38.28 billion in August 2023 to USD 34.71 billion this year.
Conversely, services exports saw a modest increase, rising from USD 28.71 billion to USD 30.69 billion during the same period.
For the April-August period of the current financial year, India’s total exports have accumulated to USD 328.86 billion, reflecting a 5.35 per cent year-on-year (YoY) growth.
Despite the August dip, the government remains optimistic about achieving its annual export target of USD 800 billion.
Imports reached a record USD 64.36 billion in August, up from USD 62.30 billion in August 2023.
As a result, India’s trade deficit expanded to USD 29.65 billion in August, compared to USD 24.2 billion in the same month last year and USD 23.50 billion in July.
In response to the trade imbalance, the Indian government has introduced a production-linked incentive (PLI) scheme aimed at enhancing the competitiveness of domestic manufacturers and reducing reliance on imports.
This scheme has particularly benefited sectors such as electronic goods, contributing to increased exports and attracting new investments.
India’s total exports for the financial year 2023-24 reached a record USD 778 billion, surpassing the USD 776.3 billion achieved in 2022-23. Services exports rose to USD 341.1 billion, while merchandise exports slightly decreased to USD 437.1 billion.
Imports for the same period were recorded at USD 853.8 billion, down from USD 898.0 billion, which helped reduce the trade deficit from USD 121.6 billion to USD 75.6 billion.
