New Delhi
India’s total exports, including merchandise and services, reached USD 65.4 billion in August, a 2.4% decrease from USD 67.0 billion in the same month last year, according to Commerce Ministry data. Merchandise exports fell from USD 38.28 billion to USD 34.71 billion, while service exports increased from USD 28.71 billion to USD 30.69 billion.
In July, total exports were USD 62.42 billion. For the first five months of the 2024-25 fiscal year (April-July), total exports amounted to approximately USD 328.86 billion, marking a 5.35% increase year-on-year. The government is hopeful of achieving its annual target of USD 800 billion.
Imports rose in August, continuing a trend from July and June. Combined merchandise and service imports increased from USD 77.39 billion to USD 80.06 billion, a rise of about 3.45%. The trade deficit widened from USD 10.39 billion to USD 14.66 billion.
In the 2023-24 fiscal year, India achieved record exports of USD 778 billion, up from USD 776.3 billion in 2022-23. Service exports increased from USD 325.3 billion to USD 341.1 billion, while merchandise exports slightly declined from USD 451.1 billion to USD 437.1 billion. Overall imports decreased from USD 898 billion in 2022-23 to USD 853.8 billion, improving the trade deficit from USD 121.6 billion to USD 75.6 billion.
