India’s exports register negative growth in August 2024

New Delhi: India’s total exports (Merchandise and Services combined) for August 2024 are estimated at $65.40 Billion, registering a negative growth of (-) 2.38 per cent vis-à-vis August 2023, data released by the Ministry of Commerce & Industry, revealed today.

Total imports (Merchandise and Services combined) for August 2024 are estimated at $80.06 Billion, registering a positive growth of 3.45 per cent vis-à-vis August 2023.

Trade during August 2024

* Note: The latest data for the services sector released by RBI is for July 2024. The data for August 2024 is an estimation, which will be revised based on RBI’s subsequent release.

Total Trade during August 2024

India’s total exports during April-August 2024 are estimated at $328.86 Billion registering a positive growth of 5.35 percent. Total imports during April-August 2024 are estimated at $375.33 Billion registering a growth of 7.20 percent.

Trade during April-August 2024

Total Trade during April-August 2024*

MERCHANDISE TRADE

• Merchandise exports during August 2024 were $34.71 Billion as compared to $38.28 Billion in August 2023.
• Merchandise imports during August 2024 were $64.36 Billion as compared to $62.30 Billion in August 2023.

Merchandise Trade during August 2024

• Merchandise exports during April-August 2024 were $178.68 Billion as compared to $176.67 Billion during April-August 2023.
• Merchandise imports during April-August 2024 were $295.32 Billion compared to $275.83 Billion during April-August 2023.
• Merchandise trade deficit during April-August 2024 was $116.64 Billion compared to $99.16 Billion during April-August 2023.

Merchandise Trade during April-August 2024

• Non-petroleum and non-gems & jewellery exports in August 2024 were $26.76 Billion compared to $26.14 Billion in August 2023.
• Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports in August 2024 were $40.65 Billion compared to $38.88 Billion in August 2023.

Trade excluding Petroleum and Gems & Jewellery during August 2024

Note: Gems & Jewellery Imports include Gold, Silver & Pearls, precious & Semi-precious stones

Trade excluding Petroleum and Gems & Jewellery during August 2024

• Non-petroleum and non-gems & jewellery exports in April-August 2024 were $135.75 Billion, compared to $128.95 Billion in April-August 2023.
• Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports in April-August 2024 were $186.25 Billion, compared to $177.13 Billion in April-August 2023.

Trade excluding Petroleum and Gems & Jewellery during April-August 2024

Note: Gems & Jewellery Imports include Gold, Silver & Pearls, precious & Semi-precious stones

Trade excluding Petroleum and Gems & Jewellery during April-August 2024

SERVICES TRADE

• The estimated value of services exports for August 2024 is $30.69 Billion as compared to $28.71 Billion in August 2023.
• The estimated value of services imports for August 2024 is $15.70 Billion as compared to $15.09 Billion in August 2023.

Services Trade during August 2024

• The estimated value of service exports during April-August 2024 is $150.18 Billion as compared to $135.50 Billion in April-August 2023.
• The estimated value of service imports during April-August 2024 is $80 Billion as compared to $74.28 Billion in April-August 2023.
• The services trade surplus for April-August 2024 is $70.18 Billion as compared to $61.22 Billion in April-August 2023.

Fig 8: Services Trade during April-August 2024

• Exports of Coffee (69.55%), Tobacco (34.45%), Spices (19.13%), Jute Mfg. Including Floor Covering (15.24%), Tea (14.96%), Rmg Of All Textiles (11.88%), Plastic & Linoleum (11.08%), Meat, Dairy & Poultry Products (9.83%), Carpet (8.9%), Organic & Inorganic Chemicals (8.32%), Oil Seeds (8.09%), Electronic Goods (7.85%), Cereal Preparations & Miscellaneous Processed Items (7.62%), Handicrafts Excl. Hand Made Carpet (7.19%), Cashew (6.84%), Drugs & Pharmaceuticals (4.67%), Engineering Goods (4.36%), Man-Made Yarn/Fabs./Made-Ups Etc. (1.59%) and Leather & Leather Products (0.07%) recorded positive growth during August 2024 over the corresponding month of last year.
• Imports of Dyeing/Tanning/Colouring Materials (-58.07%), Chemical Material & Products                         (-53.08%), Pearls, Precious & Semi-Precious Stones (-35.37%), Petroleum, Crude & Products                     (-32.38%), Sulphur & Unroasted Iron Pyrites (-25.23%), Fertilisers, Crude & Manufactured                   (-18.15%), Project Goods (-17.92%), Vegetable Oil  (-16.56%), Newsprint (-10.78%), Pulp And Waste Paper (-5.63%), Medicinal & Pharmaceutical Products (-2.64%) and Iron & Steel (-1.43%) record negative growth during August 2024 over the corresponding month of last year.
• Services exports are estimated to grow by 10.84 per cent during April-August 2024* over April-August 2023.
• The top 5 export destinations, in terms of change in value, exhibiting positive growth in August 2024 vis a vis August 2023 are the Netherlands (28.92%), Kenya (105.72%), Russia (44.61%), Brazil (27.05%) and the United Kingdom (14.57%).
• The top 5 export destinations, in terms of change in value, exhibiting positive growth in April-August 2024 vis a vis April-August 2023 are the Netherlands (36.43%), the United States of America (5.72%), United Arab Emirates (9.24%), Malaysia (40.06%) and the UK (14.59%).
• The top 5 import sources, in terms of change in value, exhibiting growth in August 2024 vis a vis August 2023 are the United Arab Emirates (72.7%), Switzerland (80.45%), China (15.55%), the UK (124.55%) and Oman (274.95%).
• The top 5 import sources, in terms of change in value, exhibiting growth in April-August 2024 vis a vis April-August 2023 are United Arab Emirates (52.6%), China (10.96%), Russia (6.39%), Switzerland (16.88%) and Taiwan (40.38%).

– global bihari bureau