Posted in Economy

India’s August trade deficit widens to $29.65 bn after imports hit all-time high of $64.36 bn

 September 17, 2024  Leave a Comment on India’s August trade deficit widens to $29.65 bn after imports hit all-time high of $64.36 bn
Growfast


India’s trade deficit widened to $29.65 billion on an annual basis in August from $24.2 billion in the same month last year, data from the Commerce Ministry showed on Wednesday. In July, the trade deficit was $23.50 billion.

India’s merchandise exports declined to $34.71 billion in August from $38.28 billion a year ago, while imports were at are record high of $64.36 billion, up from $62.30 billion in August 2023, government data showed.

Economists had expected the country’s August trade deficit to be $23 billion, according to a Reuters poll.

“Exports are facing huge challenge on current global circumstances,” Trade Secretary Sunil Barthwal told reporters in referring to rising shipping costs and the slowdown in China.

Services exports in August were $30.69 billion, while services imports were at $15.70 billion compared with $28.71 billion and $15.09 billion, respectively, a year ago.


Earlier, in July, merchandise exports dipped by 1.4 per cent year-on-year to $33.98 billion while imports rose by 7.5 per cent to $57.48 billion.Commerce Minister Piyush Goyal recently expressed confidence in India’s goods and services exports crossing $800 billion this fiscal despite global challenges.



Source link

Online Company Registration in India

Leave a Reply

Your email address will not be published. Required fields are marked *