Imports decline by 5 pc; exports by 7 pc in Aug
Imports too declined by 5.23 per cent to $58.64 billion as against $61.88 billion recorded in August 2022.
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NEW DELHI: India’s exports declined by 6.86 per cent to $34.48 billion in August this year as against $37.02 billion in the same month last year, government data showed on Friday.
Imports too declined by 5.23 per cent to $58.64 billion as against $61.88 billion recorded in August 2022.
The country’s trade deficit in the month stood at $24.16 billion.
During April-August this fiscal, exports contracted by 11.9 per cent to $172.95 billion. Imports during the five-month period fell by 12 per cent to $271.83 billion.
Arun Kumar Garodia, chairman, EEPC India, said the August trade data has brought welcome relief for the engineering exports sector. After eight consecutive months of year-on-year decline, engineering goods exports have turned positive with total shipments value registering 7.73% growth last month.
As per the data from the Ministry of Commerce and Industry, engineering goods exports stood at $9.05 billion in August 2023 as against $8.40 billion in August 2022.
Various factors such as slowdown in key advanced markets and muted overall demand led to declined engineering goods exports in previous months. Decline in exports of iron and steel and aluminium significantly contributed to this negative trend. “We remain optimistic about resurgence in engineering exports in the coming months as global demand conditions improve and geo-political issues abate,” he said.
The announcement of the economic corridor connecting India with Europe via the Middle East has already lifted business sentiment. The G20 summit under India’s presidency would give Indian businesses an edge in the global market.