India’s trade deficit widened to $28.68 billion in August, as per the government data. The imports climbed by 37%, while exports remained flat during the month. With that, the country’s trade deficit has more than doubled compared to 11.71 billion in August last year. Overall, the exports is expected to cross $450 billion by end of the current financial year.
In August 2022, the country’s imports climbed sharply by 37% to $61.68 billion. While exports stood flat at $33 billion.
In sector-wise performance, in August 2022, oil imports jumped by 86.44% to $17.6 billion. On the contrary, gold imports declined by 47.54% to $3.51 billion.
On month-on-month, India’s trade deficit was down by 4.4% from $28.7 billion in July 2022.
Also, a decline was seen in both exports and imports compared to July month.
During the month under review, imports dipped by 7% compared to $66.27 billion in July. While exports slipped by 9% against $36.3 billion in July this year.
Between April – August this year, the country’s export stood at $192.59 billion registering a growth of 17.12%. Imports came in at $317.81 billion skyrocketing by 45.64%.
Thereby, in the first five months of FY23, India’s trade deficit widened by $125.22 billion compared to $53.78 billion in the same period a year ago.
Commerce secretary B V R Subrahmanyam, however, said that the country’s overall exports are expected to cross $450 billion during the current fiscal, as reported by PTI.
Subrahmanyam further said, “In goods exports, we will be crossing $450 billion this fiscal.”
During the first quarter of FY23 (April to June), India’s trade deficit more than doubled to $70.25 billion from $31.42 billion in the corresponding period last year. In Q1FY23, the exports stood at $116.77 billion up by $95.54 billion in Q1FY22, while the imports jumped to $187.02 billion against $126.96 billion in Q1 last year, as per the Ministry of Commerce & Industry data released last month.
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