NEW DELHI, Sept. 15: India’s merchandise exports rose 6.7% year-on-year to USD 35.1 billion in August, while imports declined 10.12% to USD 61.59 billion, government data showed on Monday.
The drop in imports, driven largely by a 56% fall in gold shipments, helped narrow the trade deficit to USD 26.49 billion, down from USD 35.64 billion in the same month last year.
The US remained India’s top export destination at USD 6.86 billion, recording a 7.15% growth. It was followed by the UAE (USD 3.24 billion), the Netherlands (USD 1.83 billion), China (USD 1.21 billion), and the UK (USD 1.14 billion).
Trade officials said the decline in imports reflects lower commodity prices and weak domestic demand, while the growth in exports signals recovery in key sectors like engineering goods, petroleum products, and electronics.