India's Trade Deficit Widens

De-growth of 2.38% Y/y In India’s Exports, Imports Up By 3.45%; India’s total exports (Merchandise and Services combined) for August 2024* is estimated at USD 65.40 Billion, registering a negative growth of (-) 2.38 percent vis-à-vis August 2023. Total imports (Merchandise and Services combined) for August 2024* is estimated at USD 80.06 Billion, registering a positive growth of 3.45 percent vis-à-vis August 2023

FinTech BizNews Service 

Mumbai, September 17, 2024: India’s total exports (Merchandise and Services combined) for August 2024* is estimated at USD 65.40 Billion, registering a negative growth of (-) 2.38 percent vis-à-vis August 2023. Total imports (Merchandise and Services combined) for August 2024* is estimated at USD 80.06 Billion, registering a positive growth of 3.45 percent vis-à-vis August 2023. 

Table 1: Trade during August 2024*

* Note: The latest data for 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.

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

Table 2: Trade during April-August 2024*

Fig 2: Total Trade during April-August 2024*

MERCHANDISE TRADE

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

Fig 3: Merchandise Trade during August 2024

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

Fig4: Merchandise Trade during April-August 2024

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

Table 3: Trade excluding Petroleum and Gems & Jewellery during August 2024

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

Fig 5: Trade excluding Petroleum and Gems & Jewellery during August 2024

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

Table 4: Trade excluding Petroleum and Gems & Jewellery during April-August 2024

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

Fig 6: Trade excluding Petroleum and Gems & Jewellery during April-August 2024

SERVICES TRADE

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

Fig 7: Services Trade during August 2024*

• The estimated value of service exports during April-August 2024* is USD 150.18 Billion as compared to USD 135.50 Billion in April-August 2023.
• The estimated value of service imports during April-August 2024* is USD 80 Billion as compared to USD 74.28 Billion in April-August 2023.
• The services trade surplus for April-August 2024* is USD 70.18 Billion as compared to USD 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%) record 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 is estimated to grow by 10.84 percent during April-August 2024* over April-August 2023.
• 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%).
• 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%).