ENA Sectors 2024-09-18 16:26:08 <p><span style="font-size:14px"><strong>New Delhi, Sep 18 (KNN)</strong> India's overall exports, encompassing both merchandise and services, totalled USD 65.4 billion in August 2024, marking a 2.4 per cent decline from USD 67 billion in the same month last year, according to the latest data from the Commerce Ministry.</span></p> <p><span style="font-size:14px">Merchandise exports decreased significantly, falling from USD 38.28 billion in August 2023 to USD 34.71 billion this year.</span></p> <p><span style="font-size:14px">Conversely, services exports saw a modest increase, rising from USD 28.71 billion to USD 30.69 billion during the same period.</span></p> <p><span style="font-size:14px">For the April-August period of the current financial year, India's total exports have accumulated to USD 328.86 billion, reflecting a 5.35 per cent year-on-year (YoY) growth.</span></p> <p><span style="font-size:14px">Despite the August dip, the government remains optimistic about achieving its annual export target of USD 800 billion.</span></p> <p><span style="font-size:14px">Imports reached a record USD 64.36 billion in August, up from USD 62.30 billion in August 2023.</span></p> <p><span style="font-size:14px">As a result, India's trade deficit expanded to USD 29.65 billion in August, compared to USD 24.2 billion in the same month last year and USD 23.50 billion in July.</span></p> <p><span style="font-size:14px">In response to the trade imbalance, the Indian government has introduced a production-linked incentive (PLI) scheme aimed at enhancing the competitiveness of domestic manufacturers and reducing reliance on imports.</span></p> <p><span style="font-size:14px">This scheme has particularly benefited sectors such as electronic goods, contributing to increased exports and attracting new investments.</span></p> <p><span style="font-size:14px">India's total exports for the financial year 2023-24 reached a record USD 778 billion, surpassing the USD 776.3 billion achieved in 2022-23. Services exports rose to USD 341.1 billion, while merchandise exports slightly decreased to USD 437.1 billion.</span></p> <p><span style="font-size:14px">Imports for the same period were recorded at USD 853.8 billion, down from USD 898.0 billion, which helped reduce the trade deficit from USD 121.6 billion to USD 75.6 billion.</span></p> <p><span style="font-size:14px"><em><strong>(KNN Bureau)</strong></em></span></p> 39327 https://knnindia.co.in/news/newsdetails/sectors/indias-merchandise-exports-drop-services-exports-rise-in-august-2024 2024-09-18 16:26:08 knnindia.co.in