According to the Commerce Ministry, India’s total exports, including both merchandise and services, dropped by 2.4% to $65.4 billion in August 2024, compared to $67 billion in August 2023.

Merchandise exports declined from $38.28 billion to $34.71 billion in August, while services exports increased from $28.71 billion to $30.69 billion.

In April-August 2024, India’s total exports rose to $328.86 billion, also by nearly 5.35% from last year’s figures. It is correct that the exports fell last month; however, the government is expecting to generate an annual sum through exports of around $800 billion.

Imports reached a record high of $64.36 billion in August, an increase from $62.30 billion in the same month last year, based on government data.

India’s trade deficit widened to $29.65 billion in August, up from $24.2 billion in August last year and $23.50 billion in July.

The Indian government brought in the Production-Linked Incentive (PLI) scheme with the aim of increasing exports and decreasing reliance on imports, which has turned effective, for example, in electronic items by making local producers more competitive, thereby bringing in fresh capital.

India’s exports hit a record $778 billion in the financial year 2023-24, surpassing the previous year’s $776.3 billion. Services exports increased to $341.1 billion, while merchandise exports slightly declined to $437.1 billion.

Imports for the same year were $853.8 billion, down from $898.0 billion, leading to a reduced trade deficit of $75.6 billion, compared to $121.6 billion the previous year.

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