Exports fall 1% in August to $33 billion; trade deficit remains elevated

"Conservative" merchandise export target set at $450 billion in FY23, says commerce secretary. Department's internal target remains $470 billion

Outbound shipments from India grew at the slowest pace at $33 billion in August -- down 1 per cent compared to past year -- according to preliminary data released by the government on Saturday.

Exports restrictions on items, such as wheat, steel, iron pellets, as well as a delay in execution of orders due to fear of slowdown in developed economies, have led to a flattening of exports. On a sequential basis, exports fell 9 per cent from $36.27 billion in July.

On a cumulative basis, India exported goods worth $192 billion during April-August period, up 17.1 per cent year-on-year