Goods exports up 26% in August, trade deficit eases: Engineering, petroleum products, chemicals and textiles lead shipments; US remains top market
India’s goods exports surged in August, driven by robust global demand, while the trade deficit narrowed to a five-month low as imports declined. Key free trade agreements are on track for finalisation, while exporters are being prepared for the European Union’s Carbon Border Adjustment Mechanism. Trade ministers are also set to address bilateral concerns and review the status of ongoing free…
India's goods exports surged by 26.1% in August, totaling $43.81 billion, as export demand increased from key markets such as the US, EU, BRICS nations, and other emerging economies. The trade deficit narrowed to a five-month low of $26.86 billion from a year ago, contracted due to a slowdown in imports, particularly gold. Engineering, petroleum products, chemicals, and textiles were the primary contributors to the export growth.
Notably, exports to the US, India's largest market, reached $42.79 billion from April to August. The trade deficit has been rising due to a surge in imports, driven by robust domestic growth, heightened energy requirements, and a high demand for critical inputs. The Commerce Secretary, Rajesh Agrawal, highlighted that exports remain on a positive trajectory, largely fueled by sectors like engineering, petroleum products, chemicals, and textiles.
Written by urgent.news from The Economic Times - Economy's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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