India’s trade deficit widens to $29.65b in August ’24

India’s merchandise trade deficit widened to $29.65 billion in August 2024, driven by a decline in exports and rising shipping costs, as per data released by the government on Tuesday.

Merchandise exports fell to $34.71 billion in August 2024 from $38.28 billion a year earlier, while imports rose to $64.36 billion from $62.30 billion. In July, exports stood at $33.98 billion, and imports were at $57.48 billion.

India’s services sector continued to perform well, with exports reaching $30.69 billion in August compared to $28.71 billion a year ago. Services imports rose to $15.70 billion from $15.09 billion during the same period.

Attribution: Reuters

Subediting: M. S. Salama