India: Merchandise exports rise at a slower pace in August
Merchandise exports increased 1.6% on an annual basis in August, following July’s 2.1% increase. The outturn marked the slowest growth since February 2021. Meanwhile, merchandise imports soared 37.3% over the same month last year in August (July: +43.6% yoy).
As a result, the merchandise trade balance improved from the previous month, recording a USD 28.0 billion deficit in August (July 2022: USD 30.0 billion deficit; August 2021: USD 11.7 billion deficit). Lastly, the trend pointed down, with the 12-month trailing merchandise trade balance recording a USD 272.3 billion deficit in August, compared to the USD 258.1 billion deficit in July.