Overview In August 2023 India exported $38.5B and imported $60.2B, resulting in a negative trade balance of $21.7B. Between August 2022 and August 2023 the exports of India have increased by $1.6B (4.33%) from $36.9B to $38.5B, while imports decreased by $-3.42B (-5.38%) from $63.6B to $60.2B.
Trade In August 2023, the top exports of India were Petroleum Products ($9.65B), Drug Formulations, Biologicals ($1.75B), Pearl, Precs, Semiprecs Stones ($1.65B), Electric Machinery And Equipme ($1.19B), and Telecom Instruments ($1.08B). In August 2023 the top imports of India were Petroleum: Crude ($11.5B), Gold ($4.94B), Petroleum Products ($3.22B), Electronics Components ($2.9B), and Coal,Coke And Briquittes Etc ($2.57B).
Destinations In August 2023, India exported mostly to United States ($7B), United Arab Emirates ($2.94B), Netherlands ($1.52B), Singapore ($1.5B), and China ($1.29B), and imported mostly from China ($9.35B), Russia ($5.95B), United States ($3.92B), United Arab Emirates ($3.7B), and Saudi Arabia ($2.7B).
Growth In August 2023, the increase in India's year-by-year exports was explained primarily by an increase in exports to Singapore ($625M or 71.2%), Australia ($460M or 59.5%), and France ($459M or 92.3%), and product exports increase in Petroleum Products ($1.16B or 13.7%), Electric Machinery And Equipme ($380M or 47.3%), and Telecom Instruments ($266M or 32.5%). In August 2023, the decrease in India's year-by-year imports was explained primarily by an decrease in imports from Saudi Arabia ($-1.64B or -37.9%), Indonesia ($-953M or -31.4%), and United States ($-821M or -17.3%), and product imports decrease in Petroleum: Crude ($-3.28B or -22.2%), Coal,Coke And Briquittes Etc ($-1.96B or -43.4%), and Petroleum Products ($-1.34B or -29.4%).