India’s merchandise trade deficit hits $116.64 bn in April-August 2024
18 Sep 2024
India added $29.65 billion to its merchandise trade deficit in August, taking combined merchandise trade deficit for the first five months of the current financial year (April-August 24-25) to $116.64 billion up from $99.16 billion during April-August 2023.
Merchandise exports from the country during August 2024 stood at $34.71 billion, down $3.57 billion or 9.33 per cent from export valued at $38.28 billion in August 2023.
Merchandise exports during April-August 2024 stood at $178.68 billion, down $2.01 from exports valued at $176.67 billion during April-August 2023.
Merchandise imports during August 2024, on the other hand, were up $2.06 billion or 3.31 per cent at $64.36 billion against imports valued at $62.30 billion in August 2023.
Merchandise imports during April-August 2024 stood at $295.32 billion, up $19.49 billion or 7.06 per cent compared to imports valued t $275.83 billion during April-August 2023.
Products that showed increase in exports in August 2024 included coffee (69.55 per cent), tobacco (34.45 per cent), spices (19.13 per cent), jute and floor coverings (15.24 per cent), tea (14.96 per cent_, ready-made garments of all textiles (11.88 per cent), plastic and linoleum (11.08 per cent), meat, dairy and poultry products (9.83 per cent), carpet (8.9 per cent), chemicals (8.32 per cent), oilseeds (8.09 per cent), electronic goods (7.85 per cent), cereal preparations and miscellaneous processed items (7.62 per cent), handicrafts other than handmade carpet (7.19 per cent), cashew (6.84 per cent), drugs and pharmaceuticals (4.67 per cent), engineering goods (4.36 per cent), man-made yarn/fabrics/made-ups (1.59 per cent) and leather and leather products (0.07 per cent).
Top 5 export destinations that showed increase in export value in August 2024 included the Netherlands (28.92 per cent), Kenya (105.72 per cent), Russia (44.61 per cent), Brazil (27.05 per cent) and U K (14.57 per cent). While top 5 destinations that showed increase in export value realisation in April-August 2024 included the Netherlands (36.43 per cent), USA (5.72 per cent), UAE (9.24 per cent), Malaysia (40.06 per cent) and UK (14.59 per cent).
Top 5 import sources that recorded increase in import value in August 2024 included UAE (72.7 per cent), Switzerland (80.45 per cent), China (15.55 per cent), UK (124.55 per cent) and Oman (274.95 per cent) while top 5 import sourced that recorded increase in import value in April-August 2024 included UAE (52.6 per cent), China (10.96 per cent), Russia (6.39 per cent), Switzerland (16.88 per cent) and Taiwan (40.38 per cent).