Export-Import Knowledge: The import-export and commerce deficit figures for the month of August have arrived. India’s exports declined by 6.86 % to US $ 34.48 billion in August this yr. If seen on year-on-year foundation, there was a decline in it as a result of in the identical month final yr it was at $37.02 billion. This data has been obtained from the federal government knowledge launched at present.
There was additionally a decline in imports in August
A decline has additionally been recorded within the nation’s imports. Imports have additionally decreased to $58.64 billion in August 2023. It stood at $61.88 billion in August 2022. On this manner, if seen on year-on-year foundation, a decline of 5.23 % has been seen within the nation’s imports.
Nation’s commerce deficit exceeds 24 billion {dollars}
In keeping with the info, the nation’s commerce deficit in August stood at $24.16 billion and through April-August within the present monetary yr 2023-24, exports declined by 11.9 % to $172.95 billion and imports declined by 12 % to $271.83 billion.
Decline in import and export of service exports
Within the month of August, there was a decline in each service export and import i.e. import and export of companies. Service exports stood at $26.39 billion in August 2023, which was $27.17 billion within the earlier yr i.e. August 2022. Whereas service import stood at $13.86 billion in August 2023, which was $14.85 billion a yr in the past i.e. in August 2022. There has additionally been a decline in service exports and repair imports, which has affected the commerce deficit figures.
Good development seen in different sectors additionally
Nevertheless, the import-export knowledge of different sectors has been good as the expansion of engineering items stood at 7.73 % whereas the expansion of electronics items stood at 26.29 %. Whereas different items like ceramic items, medicine and pharma, agriculture exports are additionally performing nicely.
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