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The commerce ministry in its latest data has showed that India's merchandise export dipped 9.32 per cent to $34.71 billion in August 2024 from $38.28 billion in the year-ago month, due to global economic uncertainties. However, imports increased by 3.3 per cent to $64.36 billion in August as compared to $62.3 billion a year ago, due to a significant jump in the inbound shipments of gold and silver.  The trade deficit, or the gap between imports and exports, widened to $29.65 billion in August from $24.2 billion in the same month last year.

According to the data, merchandise exports during April-August 2024 were $178.68 billion as compared to $176.67 billion during April-August 2023. Merchandise imports during April-August 2024 were $295.32 billion compared to $275.83 billion during April-August 2023. Merchandise trade deficit during April-August 2024 was $116.64 billion compared to $99.16 billion during April-August 2023.

It further stated that non-petroleum and non-gems & jewellery exports in August 2024 were $26.76 billion compared to $26.14 billion in August 2023. Non-petroleum and non-gems & jewellery exports in April-August 2024 were $135.75 billion, compared to $128.95 billion in April-August 2023. Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports in August 2024 were $40.65 billion compared to $38.88 billion in August 2023. Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports in April-August 2024 were $186.25 billion, compared to $177.13 billion in April-August 2023.