India's Trade Deficit Widens To $29.65 Billion In August, Imports Hit All-time High Of $64.36 Billion

India's trade deficit widened year-on-year to $29.65 billion in August from $24.2 billion in the same month last year, according to Commerce Ministry data released on Wednesday. The trade deficit was $23.50 billion in July.

India's merchandise exports fell to $34.71 billion in August from $38.28 billion a year ago, while imports stood at a record high of $64.36 billion from $62.30 billion in August 2023, according to government data.

Economists had estimated the country's trade deficit to be $23 billion in August, according to a Reuters survey.

“In the current global situation, exports are facing a big challenge,” Trade Secretary Sunil Barthwal told reporters, citing rising shipping costs and a slowdown in China.

Services exports stood at $30.69 billion in August, while services imports stood at $15.70 billion, compared to $28.71 billion and $15.09 billion, respectively, a year ago.

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Earlier in July, merchandise exports fell 1.4 percent year-on-year to $33.98 billion, while imports grew 7.5 percent to $57.48 billion. Commerce Minister Piyush Goyal recently expressed confidence that India's merchandise and service exports will cross $800 billion this fiscal despite global challenges.

India's trade deficit widens to $29.65 billion in August, imports hit all-time high of $64.36 billion

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