Exports stay flat at $33 billion in August; commerce deficit widens to $28.68 billion

India’s exports contracted by 1.15 per cent to USD 33 billion and commerce deficit greater than doubled to twenty-eight.68 billion in August, a preliminary information launched by the commerce ministry mentioned on Saturday.

Trade deficit in August 2021 stood at 11.71 billion.

Imports rose by 37 per cent to USD 61.68 billion in August this 12 months.

Commerce secretary B V R Subrahmanyam, nonetheless, mentioned that the nation’s total exports are anticipated to cross USD 450 billion through the present fiscal.

“In goods exports, we will be crossing USD 450 billion this fiscal,” Subrahmanyam mentioned.

During April-August 2022-23, exports registered a progress of 17.12 per cent to USD 192.59 billion. Imports through the five-month interval of this fiscal grew by 45.64 per cent to USD 317.81 billion.

Trade deficit widened to 125.22 billion in April-August this fiscal as towards USD 53.78 billion in the identical interval final 12 months.

Oil imports in August jumped by 86.44 per cent to USD 17.6 billion. However, gold imports dipped by 47.54 per cent to USD 3.51 billion, the information confirmed.