India's exports in August 2023 slowed down compared to the previous months. The month witnessed a significant decrease in export activities, driven by various factors including sector-specific performances, government initiatives, and trade partnerships. India's exports in August 2023 were valued at USD 33.0 billion, down by 0.8% from August 2022. In this blog, we will discuss the overall export performance in August 2023.
The overall export performance in August 2023 was lower than the previous months. Though there was a decline in exports, the overall export value remained strong. As per India Trade Data, Exports declined by USD 33.9 billion in the months of May, June, July, and August, however, the total export value reached USD 60.09 Billion. The decline was relatively small, and the overall export value remained strong. The decline in exports was mainly due to lower shipments of gems and jewellery, which account for a significant share of India's exports.
While exports experienced a decline, there was a rise in imports. Import figures grew for the second consecutive month, primarily due to elevated petroleum crude and gold prices. Nevertheless, the total import value remained lower than that of exports, leading to a reduction in the trade deficit.
Overview of India's Export Data for August 2023
In August 2023, India's trade performance remained a subject of keen interest as global economic dynamics continued to evolve. Our India export import data dashboard aims to provide a comprehensive overview of India's overall exports for the month of August 2023 based on available data from various sources.
1. Export Growth:
India's exports in August 2023 showed an identifiable decline over the previous months and years, according to the export data. Also, the Export-related activity significantly decreased during the month.
2. Sector-wise Analysis:
To gain a deeper understanding of India's export performance, let's delve into the sectors that contributed significantly to this growth. Seair Exim Solutions can be utilized for a detailed sector-wise breakdown.
3. Trade Partners:
It's crucial to explore India's key trading partners during this period. The Seair Exim Solutions platform provides valuable insights into the countries that were major recipients of Indian exports in August 2023.
Based on Indian Import Data, the top import sources in August 2023 were:
|
Trade |
July 2023 |
August 2023 |
|---|---|---|
|
Total exports (USD billions) |
32.25 |
32.25 |
|
Growth rate (YoY) |
-16% |
-0% |
|
Major export products |
Petroleum products, gems and jewellery, pharmaceuticals, electronic goods, machinery |
Petroleum products, gems and jewellery, pharmaceuticals, electronic goods, iron and steel |
|
Top export destinations |
United States, United Arab Emirates, Hong Kong, China, and Singapore |
United States, United Arab Emirates, Hong Kong, China, and Singapore |
As you can see, there is no significant difference in the total exports of India in July and August 2023. However, the growth rate of exports in August was 0%, compared to -16% in July, as per Indian trade data. This suggests that export growth in India is slowing down.
The major export products of India in both July and August are petroleum products, gems and jewellery, pharmaceuticals, electronic goods, and machinery. The top export destinations are also the same for both months.
Now, delve into the top export commodities, export Destinations, and top import commodities in August 2023.
Top Export Commodities
Based on India Export Data, the top export commodities in August 2023 were:
Top Export Destinations
Based on Export import Data, the top export destinations in August 2023 were:
The top import commodities in August 2023 were:
Trade Deficit
Based on India Trade Data, India's trade deficit in August 2023 was USD 1.7 billion, down by 12.5% from August 2022. The decline in the trade deficit was mainly due to the slower growth of imports. If you are looking for the most accurate and updated India export import data, Seair Exim Solutions is one of the best market research platforms to analyze specific HS codes and Global Trade Data.
India's imports and exports are affected by a variety of factors, including:
Overall, the factors affecting India's imports and exports are complex and constantly changing. However, by understanding these factors, businesses can make informed decisions about their trade strategies.
The government has taken several steps to boost exports, such as:
The India trade data for August 2023 suggests that India's export performance is still resilient. The ongoing global economic challenges could pose some downside risks to India's exports in the coming months. The government's policies to boost exports are likely to mitigate these risks.
Overall, the outlook for India's exports in the coming months is mixed. There are a number of factors that could boost exports, but there are also some risks that could weigh on the performance. The government's policies to boost exports are likely to help mitigate the risks, but the overall outlook will depend on the global economic environment.
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