New Delhi: India’s overall trade deficit is projected to improve by 37.85% during April-August 2023, the Union Ministry of Commerce and Industry stated here.
As per the latest data released by the Ministry today, the country’s overall exports (Merchandise and Services combined) in August 2023 were estimated to be USD 60.87 billion, exhibiting a negative growth of (-) 4.17 per cent over August 2022. Overall imports in August 2023 were estimated to be USD 72.50 billion, exhibiting a negative growth of (-) 5.97 per cent over August 2022.
The overall trade deficit for April-August 2023 is estimated at USD 37.49 billion as compared to the deficit of USD 60.31 billion during April-August 2022, registering a decline of (-) 37.85 per cent.
The services trade surplus for April-August 2023 was estimated at USD 61.40 billion as against USD 52.54 billion in April-August 2022. The estimated value of services exports for April-August 2023 was USD 133.38 billion as compared to USD 126.85 billion in April-August 2022. The estimated value of services imports for April-August 2023 was USD 71.98 billion as compared to USD 74.31 Billion in April-August 2022.
The estimated value of services exports for August 2023 was USD 26.39 billion, as compared to USD 26.50 billion in August 2022. The estimated value of services imports for August 2023 was USD 13.86 billion as compared to USD 15.22 billion in August 2022.
The merchandise trade deficit during April-August 2023 was USD 98.88 billion compared to USD 112.85 billion during April-August 2022, registering a decline of (-) 12.38 per cent. Merchandise exports for the period April-August 2023 were USD 172.95 Billion as against USD 196.33 billion during April-August 2022. Merchandise imports for the period April-August 2023 were USD 271.83 billion as against USD 309.19 billion during April-August 2022.
Silver imports slumped by 78.15 per cent from USD 0.73 billion in August 2022 to USD 0.16 billion in August 2023.
For the month of August 2023, under merchandise exports, 15 of the 30 key sectors exhibited positive growth in August 2023 as compared to the same period last year (August 2022). Data showed that engineering goods exports recorded a growth of 7.73% from USD 8.41 billion in August 2022 to USD 9.05 billion in August 2023 while electronic goods exports registered a growth of 26.29% and 35.22% in August 2023 and August 2023, respectively. Ceramic products and glassware exports grew by 29.28% in August 2023 and 15.74% in April-August 2023 while drugs and pharma exports grew by 4.53% in August 2023.
Under merchandise imports, 17 of the 30 key sectors exhibited negative growth in April-August 2023 as compared to April-August 2022. These include Silver (-88.12%), Cotton Raw and Waste (-52.61%), Sulphur and Unroasted Iron Pyrites (-46.75%), Coal, Coke and Briquettes, Etc. (-37.16%), Fertilisers, Crude & Manufactured (-29.34%), Organic & Inorganic Chemicals (-27.25%), Pearls, Precious & Semi-Precious Stones (-26.52%), Petroleum, Crude & Products (-23.33%), Vegetable Oil (-23.16%), Textile Yarn Fabric, Made-Up Articles (-21.7%), Leather & Leather Products (-13.73%), Wood and Wood Products (-12.67%), Fruits & Vegetables (-11.55%), Artificial Resins, Plastic Materials, Etc. (-9.37%), Metalliferous Ores and Other Minerals (-7.29%), Transport Equipment (-4.18%) and Medicinal and Pharmaceutical Products (-0.29%).
Agricultural exports registered a “robust” growth in August 2023: Oil Meals (57.26%), Tobacco (20.03%), Oil Seeds (17.02%), Meat, Dairy and poultry Products (16.46%), Cashew (14.25%), Fruits & Vegetables (14.19%), Cereal Preparations and Miscellaneous Processed Items (12.88%).
– global bihari bureau