India’s Trade Deficit Widens to Nearly $30 Billion in August , Exports Dip by 9.3%

[Beijingwalker]

India’s Trade Deficit Widens to Nearly $30 Billion in August, Exports Dip by 9.3%​

Updated on: 17 September 2024 6:07 pm

The commerce ministry data reveals that merchandise trade deficit has increased from $20.98 billion in June to $29.65 billion in August 2024

The Union ministry of commerce and industry has released a data that reveals India’s goods trade deficit has increased to a $29.65 billion in August. The data highlighted that the trade deficit stood at $29.65 billion compared to $23.5 billion in July and $20.98 billion in June.

India's merchandise exports in August declined 9.3 per cent to $34.71 billion from $38.28 billion in the year-ago month, according to the data released on Tuesday. Imports, however, increased by 3.3 per cent to $64.36 billion in August against $62.3 billion a year ago.

“Data shows the slowdown in China, the recessionary impact on economies like the US and the EU, and rising transport costs have been challenges to exports,” said Commerce secretary Sunil Barthwal to the press. Despite geopolitical challenges, the country’s exports are increasing, he added.

The data highlighted that the trade deficit stood at $ 29.65 billion compared to Rs 23.5 billion in July and $20.98 billion in June.

The trade deficit that stood at $29.65 billion is much higher than the Reuters economist poll that predicted the deficit to be somewhere around $23 billion. Additionally, in April this year, the World Trade Organisation (WTO) made a forecast that global merchandise trade would recover in 2024, in the aftermath of a downward turn in high energy prices and inflation in 2023.

The decrease in goods exports can be attributed to the slowdown in global growth. Moreover, global businesses have severely suffered due to continuous inflation, particularly in European countries. The ongoing geopolitical tensions in Ukraine, Palestine and the Red Sea too have taken a toll on global trade.

 

[Beijingwalker]

India's Imports from China Up 15.55% in Aug​

By Rediff Money Desk, New Delhi Sep 17, 2024 19:25

India's imports from China increased by 15.55% in August, while exports declined by 22.44%, according to the commerce ministry data. The trade deficit between the two countries widened in August, reflecting the ongoing trade imbalances.

Illustration: Uttam Ghosh/Rediff.com

New Delhi, Sep 17 (PTI) India's exports to China dipped by 22.44 per cent to USD 1 billion, while imports rose by 15.55 per cent to USD 10.8 billion in August, according to the commerce ministry data.

Cumulatively, in the April-August period this fiscal, exports to the neighbouring country dipped by 8.3 per cent to USD 5.8 billion while imports grew 10.96 per cent to USD 46.65 billion, leaving a trade deficit of USD 35.85 billion, the data showed.

The country's exports to the US, the UAE, Singapore, Bangladesh, Australia, South Africa, France, Nepal, Belgium, and Turkey also declined during the month under review.

Also, imports from the UAE, Switzerland, Korea, Japan, Thailand, Vietnam and Taiwan, recorded growth.

According to the data, India's exports to the US declined 6.29 per cent to USD 6.55 billion while imports from that country dipped by 6.3 per cent to USD 3.82 billion in August.

Cumulatively, during the April-August 2024-25, exports to the US increased 5.72 per cent to USD 34 billion, while imports grew 3.72 per cent to USD 19 billion, leaving a trade surplus of USD 15 billion.

Similarly, the country's imports from Russia dipped by about 40 per cent to USD 2.57 billion in August. During April-August 2024-25, imports grew by 6.39 per cent to USD 27.35 billion, due to crude oil imports.

In 2023-24, the US was India's largest trading partner, followed by China.

China was India's top trading partner from 2013-14 till 2017-18 and in 2020-21. Before China, the UAE was the country's largest trading partner. The US was also the largest partner in 2021-22 and 2022-23.

India's Imports from China Up 15.55% in Aug

India's imports from China increased by 15.55% in August, while exports declined by 22.44%, according to the commerce ministry data. The trade deficit between the two countries widened in August, reflecting the ongoing trade imbalances.

money.rediff.com

 

[Beijingwalker]

India's imports from China up 15.55%; exports dip 22.44% in August​

Cumulatively, in the April-August period this fiscal, exports to the neighbouring country dipped by 8.3 per cent to $5.8 billion while imports grew 10.96 per cent to $46.65 billion, leaving a trade deficit of $35.85 billion, the data showed.

18 September 2024, 00:20 IST

Cumulatively, in the April-August period this fiscal, exports to the neighbouring country dipped by 8.3 per cent to $5.8 billion while imports grew 10.96 per cent to $46.65 billion, leaving a trade deficit of $35.85 billion, the data showed.

The country's exports to the US, the UAE, Singapore, Bangladesh, Australia, South Africa, France, Nepal, Belgium, and Turkey also declined during the month under review.

Also, imports from the UAE, Switzerland, Korea, Japan, Thailand, Vietnam and Taiwan, recorded growth.

According to the data, India's exports to the US declined 6.29 per cent to $6.55 billion while imports from that country dipped by 6.3 per cent to $3.82 billion in August.

Cumulatively, during the April-August 2024-25, exports to the US increased 5.72 per cent to $34 billion, while imports grew 3.72 per cent to $19 billion, leaving a trade surplus of $15 billion.

Similarly, the country's imports from Russia dipped by about 40 per cent to $2.57 billion in August. During April-August 2024-25, imports grew by 6.39 per cent to $27.35 billion, due to crude oil imports.

In 2023-24, the US was India's largest trading partner, followed by China.
China was India's top trading partner from 2013-14 till 2017-18 and in 2020-21. Before China, the UAE was the country's largest trading partner. The US was also the largest partner in 2021-22 and 2022-23.

India's imports from China up 15.55%; exports dip 22.44% in August

www.deccanherald.com

 

[Beijingwalker]

India's imports from China up 15.55%; exports dip 22.44% in August​

Many Indians here argue that China can only produce cheap junks, why India can't have enough of these "junks"?