The country's overall exports in the April-August period stood at an estimated $328.86 billion, driven by a 5.35 per cent growth rate, according to data that the Ministry of Commerce and Industry unveiled on Tuesday. Overall imports in the first five months of the current fiscal are estimated to be in the range of $375.33 billion, marking a growth rate of 7.20 per cent. For the April-August 2024 period, merchandise exports were recorded at $178.68 billion. This was a slight improvement over $176.67 billion in the corresponding period last year, growing by a positive 1.14%.
Merchandise trade deficit during April-August was $116.64 billion compared to $99.16 billion in the same period last year. India's total exports of merchandise and services in August came in at $65.40 billion according to the data. Merchandise exports for August stood at $34.71 billion, compared with $38.28 billion for August last year. Non-petroleum and non-gems and jewellery exports in April-August 2024 were $135.75 billion as compared with $128.95 billion in April-August 2023.
Non-petroleum, non-gems and jewellery imports for April-August 2024 had amounted to $186.25 billion when compared to $177.13 billion for the same period previous year. Merchandise exports in August were driven majorly by growth from engineering goods, organic and inorganic chemicals, electronic goods, RMG of all textiles, and drugs and pharmaceuticals. Engineering goods exports rose 4.36 percent from $9.05 billion in August 2023 to $9.44 billion in August 2024. Organic and inorganic chemicals exports rose 8.32 percent from $2.19 billion in August 2023 to $2.37 billion in August this year.
Outlets for electronic goods increased by 7.85 per cent from $2.16 billion in August 2023 to $2.33 billion in August 2024. Data further reveals that exports of drugs and pharmaceuticals increased by 4.67 per cent from $2.24 billion in August 2023 to $2.35 billion in August 2024. Estimated services exports for August stands at $30.69 billion as compared to $28.71 billion in August 2023.
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