India’s April-August merchandise trade deficit estimated at $98.88 billion

India’s merchandise trade deficit in August 2023 stood at $24.16 billion, which took overall merchandise trade deficit in April-August 2023 to an estimated $98.88 billion. This, however, was lower compared to $112.85 billion during April-August 2022.

Merchandise exports from the country in August 2023 stood lower at $34.48 billion, against $37.02 billion in August 2022. Merchandise imports too declined in August 2023 to $58.64 billion, compared to $61.88 billion in August 2022.

Merchandise exports for April-August 2023 stood at $172.95 billion against $196.33 billion during April-August 2022. Merchandise imports for April-August 2023 stood at $271.83 billion against $309.19 billion during April-August 2022.

Exports other than petroleum and gems and jewellery products in August 2023 stood at $26.00 billion, compared with $25.20 billion in August 2022.

Imports of products other than petroleum, gems and jewellery (gold, silver and precious metals) in August 2023 stood at $38.31 billion, compared with $37.86 billion in August 2022.

Non-petroleum and non-gems and jewellery exports during April-August 2023 stood at $128.86 billion compared with $135.92 billion in April-August 2022.

Non-petroleum, non-gems and jewellery imports stood at $174.80 billion in April-August 2023 against $186.64 billion in April-August 2022.

Under merchandise imports, 15 out of 30 key sectors exhibited negative growth in August 2023. These include silver (-78.15%), raw cotton and waste (-74.67 per cent), fertilisers, crude and manufactured (-55.69 per cent), coal, coke, briquettes etc (-43.47 per cent), leather and leather products (-33.17 per cent), organic and inorganic chemicals (-26.69 per cent), petroleum, crude and products (-23.76 per cent), textile yarn/fabric, made-up articles (-18.38 per cent), pearls, precious and semi-precious stones (-15.82 per cent), wood and wood products (-10.01 per cent), fruits and vegetables  (-8.08 per cent), transport equipment (-3.99 per cent), sulphur and unroasted iron pyrites (-3.21 per cent), pulp and waste paper (-1.25 per cent) and vegetable oil (-0.49 per cent).

For April-August 2023, under merchandise exports, 12 of the 30 key sectors exhibited positive growth. These include iron ore (95.18 per cent), oil meals (37.2 per cent), electronic goods (35.22 per cent), oil seeds (25.29 per cent), ceramic products and glassware (15.74 per cent), fruits and vegetables (14.37 per cent), tobacco (7.23 per cent), spices (5.73 per cent), coffee (4.81 per cent), drugs and pharmaceuticals (4.18 per cent), cashew (2.19 per cent) and rice (0.99 per cent).

Under merchandise imports, 17 of the 30 key sectors exhibited negative growth in April-August 2023. These include silver (-88.12 per cent), raw cotton and waste (-52.61 per cent), sulphur and unroasted iron pyrites (-46.75 per cent), coal, coke, briquettes etc (-37.16 per cent), fertilisers, crude and manufactured (-29.34 per cent), organic and inorganic chemicals (-27.25 per cent), pearls, precious and semi-precious stones (-26.52 per cent), petroleum, crude and products (-23.33 per cent), vegetable oil  (-23.16 per cent), textile yarn/fabric, made-up articles (-21.7 per cent), leather and leather products (-13.73 per cent), wood and wood products (-12.67 per cent), fruits and vegetables  (-11.55 per cent), artificial resins, plastic materials etc (-9.37 per cent), ferrous ores and other minerals (-7.29 per cent), transport equipment (-4.18 per cent) and medicinal and pharmaceutical products (-0.29 per cent).

Silver imports slumped by 78.15 per cent from $0.73 billion in August 2022 to $0.16 billion in August 2023.