India Trade August 2023

India: Merchandise exports decrease at a milder rate in August

Merchandise exports declined 6.8% annually in August, following July’s 16.0% plummet. August’s outturn marked the smallest decline since January 2023. Meanwhile, merchandise imports fell 5.2% on an annual basis in August (July: -17.0% yoy), marking the strongest result since January 2023.

As a result, the merchandise trade balance deteriorated from the previous month, recording a USD 24.2 billion deficit in August (July 2023: USD 20.7 billion deficit; August 2022: USD 24.9 billion deficit). Lastly, the trend pointed up, with the 12-month trailing merchandise trade balance recording a USD 261.0 billion deficit in August, compared to the USD 261.7 billion deficit in July.

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