New Delhi, Sep 17 (UNI) India’s merchandise exports dipped over 9.3 percent to USD 34.71 billion in August 2024 as compared to USD 38.28 billion in the same month last year and as a result the trade balance surged to USD 14.66 billion in August 2024, according to data released by the government on Tuesday.
The merchandise imports increased to USD 64.36 billion in the month of August this year as against USD 62.30 billion in the same month last year.
The cumulative overall exports during the first 5 months, April-August 2024, is estimated at USD 374.33 billion, as compared to USD 350.11 billion in April-August 2023, with an estimated growth of 5.35 per cent, an official statement by the Ministry of Commerce and Industry said.
Total imports during April-August 2024 is estimated at USD 375.33 Billion registering a growth of 7.20 percent.
Major drivers of merchandise exports growth in August 2024 include Engineering Goods, Organic & Inorganic Chemicals, Electronic Goods, RMG of all Textiles and Drugs & Pharmaceuticals.
Engineering Goods exports increased by 4.36% from USD 9.05 Billion in August 2023 to USD 9.44 Billion in August 2024, it said adding Organic & Inorganic Chemicals exports increased by 8.32% from USD 2.19 Billion in August 2023 to USD 2.37 Billion in August 2024.
Electronic Goods exports increased by 7.85% from USD 2.16 Billion in August 2023 to USD 2.33 Billion in August 2024.
On the Services front, the total exports during the month of August stood at USD 30.69 billion as against USD 28.71 billion in the same month last year, while the imports of services remained flat or increased marginally at USD 15.70 billion compared to USD 15.09 billion.
The latest data for services sector released by RBI is for July 2024. The data for August 2024 is an estimation, the government said.
RMG of all Textiles exports increased by 11.88% from USD 1.13 Billion in August 2023 to USD 1.27 Billion in August 2024, the Ministry said, adding the Drugs & Pharmaceuticals exports increased by 4.67% from USD 2.24 Billion in August 2023 to USD 2.35 Billion in August 2024.
Top 5 export destinations, in terms of change in value, exhibiting positive growth in August 2024 vis a vis August 2023 are Netherland (28.92%), Kenya (105.72%), Russia (44.61%), Brazil (27.05%) and U K (14.57%).
Top 5 export destinations, in terms of change in value, exhibiting positive growth in April-August 2024 vis a vis April-August 2023 are Netherland (36.43%), U S A (5.72%), U Arab Emts (9.24%), Malaysia (40.06%) and U K (14.59%), the ministry said.
In terms of imports, top 5 import sources, in terms of change in value, exhibiting growth in August 2024 vis a vis August 2023 are U Arab Emts (72.7%), Switzerland (80.45%), China P Rp (15.55%), U K (124.55%) and Oman (274.95%).
Top 5 import sources, in terms of change in value, exhibiting growth in April-August 2024 vis a vis April-August 2023 are U Arab Emts (52.6%), China P Rp (10.96%), Russia (6.39%), Switzerland (16.88%) and Taiwan (40.38%), it added.
