September 15, 2022
Exports registered a growth of 17.68% to USD 193.51 billion in the April-August period of FY23
Electronic goods, rice, oil meals, tea, coffee and chemicals are the export products that recorded positive growth in August
Import values in August FY23, on the other hand, grew in major commodity groups such as coal, coke & briquettes, chemicals, and pharma shipments
Trade deficit reached US$ 27.98 billion in August FY23
India’s exports increased by 1.62% to US$ 33.92 billion, according to data released by the Ministry of Commerce.
Exports registered a growth of 17.68% to USD 193.51 billion in April-August FY23. Imports, on the other hand, rose by 45.74% to US$ 318 billion during the same period.
According to the data, electronic goods, rice, oil meals, tea, coffee and chemicals are the export products that recorded positive growth in August. The export of petroleum products increased by 22.76% to US$ 5.71 billion, Chemicals increased by 13.47% to US$ 2.53 billion, and pharma shipments rose by 6.76% TO US$ 2.14 billion.
Import values in August FY23, on the other hand, grew in major commodity groups such as coal, coke & briquettes by 133.64% to US$ 4.5 billion, chemicals by 43% to US$ 3 billion, and vegetable oil by US$ 41.55% to about US$ 2 billion.
In the same month, crude oil imports increased by 87.44% to US $17.7 billion, and silver imports grew to US$ 684.34 million, compared to the US $15.49 million in August FY22.
The trade deficit reached US$ 27.98 billion in August FY23. In the same period last year, it stood at US$ 11.71 billion.
Sources: Financial Express, Times of India