India’s total exports from April to August 2024 are estimated at $328.86 billion, marking a growth of 5.35%, according to data from the Ministry of Commerce and Industry released on Tuesday. Total imports during the same period are estimated at $375.33 billion, reflecting a growth of 7.20%.
Merchandise exports for April-August 2024 reached $178.68 billion, up from $176.67 billion during the same period last year, showing a modest increase of 1.14%. However, the merchandise trade deficit widened to $116.64 billion compared to $99.16 billion in the previous year.
August Figures and Key Export Drivers
In August, India’s total exports, including merchandise and services, amounted to $65.40 billion. Merchandise exports for the month were $34.71 billion, down from $38.28 billion in August 2023.
Non-petroleum and non-gems and jewellery exports in April-August 2024 were $135.75 billion, up from $128.95 billion in the previous year. Imports of non-petroleum, non-gems and jewellery goods were $186.25 billion, compared to $177.13 billion in the same period last year.
Key drivers of merchandise export growth in August included engineering goods, organic and inorganic chemicals, electronic goods, textiles, and drugs and pharmaceuticals. Engineering goods exports grew by 4.36% to $9.44 billion. Exports of organic and inorganic chemicals increased by 8.32% to $2.37 billion. Electronic goods exports rose by 7.85% to $2.33 billion, and drugs and pharmaceuticals exports went up by 4.67% to $2.35 billion.
The estimated value of services exports for August was $30.69 billion, compared to $28.71 billion in August 2023.
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