Exports stay flat at $33 billion in August; trade deficit widens to $29 billion

NEW DELHI: India’s exports contracted by 1.1% to $33 billion and trade deficit more than doubled to $28.6 billion in August, a preliminary data released by the commerce ministry showed on Saturday.
Trade deficit in August 2021 stood at $ 11.7 billion. Imports rose by 37% to $61.6 billion in August this year.
Commerce secretary BVR Subrahmanyam, however, said the country’s overall exports are expected to cross $450 billion during the current fiscal. “In goods exports, we will be crossing $450 billion this fiscal,” the commerce secretary stated.
During April-August 2022-23, exports registered a growth of 17.1% to $ 192.5 billion. Imports during the five-month period of this fiscal grew by 45.6% to $317.8 billion.
Trade deficit widened to $125.2 billion in April-August this fiscal as against $53.7 billion in the same period last year.
Oil imports in August jumped by 86.4% to $ 17.6 billion. However, gold imports dipped by 47.5% to $3.5 billion, the data showed.