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LATEST NEWS UPDATES | Merchandise exports remain flat at $33 billion in August -Vikas Dhoot

Merchandise exports remain flat at $33 billion in August -Vikas Dhoot

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published Published on Sep 3, 2022   modified Modified on Sep 4, 2022

-The Hindu

On conservating estimate, exports will cross $750 billion amid global headwinds, said Commerce Secretary

India’s merchandise exports contracted 1.15% in August to $33 billion, while inelastic imports of petroleum and coal remained firm, lifting imports above the $60 billion mark for the sixth successive month.

The country’s goods trade deficit moderated slightly from the record $30 billion in July, but remained the second highest on record at $28.68 billion, more than double the $11.7 billion in August 2021. Preliminary trade data for July had also showed a 0.8% dip in exports which was later revised to a 2.1% uptick. The last time India recorded a contraction in exports was in February 2021 .

Apart from global headwinds, Commerce Secretary B.V.R. Subrahmanyam attributed the fall in outbound shipments, whose value also dipped 9% over July 2022 levels, to a growing tendency among global buyers to seek deferrals in shipments of orders already placed as well as the bevy of measures taken by the government to curb elevated inflation.

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The Hindu, 3 September, 2022, https://www.thehindu.com/business/Economy/indias-merchandise-exports-remain-flat-at-33-billion-in-august/article65845259.ece?homepage=true


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