Exports remain flat at $3 billion in August; trade deficit widens to $28.68 billion

NEW DELHI: India’s exports fell 1.15% to $33 billion and trade deficit more than doubled to $28.68 billion in August, a preliminary figure released by Department of Commerce aired on Saturday.
Trade deficit in August 2021 was at USD 11.71 billion.
Imports rose 37% to $61.68 billion in August this year.
Commerce BVR . secretary Subrahmanyamhowever, said the country’s overall exports are expected to exceed $450 billion in the current fiscal.
“In terms of merchandise exports, we will surpass $450 billion in this fiscal year,” said Subrahmanyam.
Between April and August 23, 2022-23, exports increased by 17.12% to $192.59 billion. Imports during the five-month period of this financial year rose 45.64% to $317.81 billion.
The trade deficit widened to $125.22 billion in April-August this fiscal year from $53.78 billion in the same period last year.
Oil imports in August increased by 86.44% to $17.6 billion. However, gold imports fell 47.54% to $3.51 billion, the data showed.

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