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The commerce ministry in its latest data has said that India’s merchandise exports declined 6.86 per cent to $34.48 billion, the seventh month in a row, in August 2023 as compared to $37.02 billion in August 2022, due to a fall in shipments from key sectors like petroleum and gems and jewellery on subdued global demand. Imports also declined, ninth month in a row, by 5.23 per cent to $58.64 billion against $61.88 billion recorded in August 2022. The trade deficit (difference between imports and exports) during the month remained almost flat at $24.16 billion.

As per the data, merchandise exports for the period April-August 2023 were $172.95 billion as against $196.33 billion during April-August 2022. Merchandise imports for the period April-August 2023 were $271.83 billion as against $309.19 billion during April-August 2022. The merchandise trade deficit for April-August 2023 was estimated at $98.88 billion as against $112.85 billion during April-August 2022.

The data further showed that non-petroleum and non-gems & jewellery exports in August 2023 were $26.00 billion, compared to $25.20 billion in August 2022. Non-petroleum and non-gems & jewellery exports during April-August 2023 were $128.86 billion, as compared to $135.92 billion in April-August 2022. Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports in August 2023 were $38.31 billion, compared to $37.86 billion in August 2022. Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports were $174.80 billion in April-August 2023 as compared to $186.64 billion in April-August 2022.