New Delhi: Amid weak demand in major world markets, merchandise exports from India registered a decline of 6.86 percent on an annual basis in August 2023. According to data released by the Ministry of Commerce and Industry on Friday, merchandise exports in August stood at $34.48 billion. In August 2022, merchandise exports stood at $37.02 billion.
In the month of August, commercial imports also registered a decline of 5.23 percent on annual basis in dollar terms. Imports declined to $58.64 billion in August 23, whereas in the same month last year, imports were equal to $61.88 billion. Trade deficit in August this year stood at $24.16 billion.
According to data released by the ministry, merchandise exports for the period April-August 2023 stood at $ 172.95 billion, while goods worth $ 196.33 billion were exported from the country during April-August 2022. According to the latest data, India’s merchandise exports in April-August 2023 Total exports (combined of goods and services) declined by 5.22 percent compared to April-August 2022. Similarly, total imports in the first five months of this current financial year were 10.35 percent less than the same period a year ago.