India Trade Deficit Widens To $28.68 Billion In August As Imports Surge, Exports Fall

India's trade deficit more than doubled over the year-ago period in August 2022 as exports fell and imports surged.

According commerce ministry data released on Saturday, India's exports fell 1.15% year-on-year to $33 billion in August even as imports rose 37% over the year-ago to $61.68 billion. That pegged the trade deficit at $28.68 billion.

The figure stood at $11.71 billion in August 2021.

Still, Commerce Secretary BVR Subrahmanyam said that India's overall exports are expected to cross $450 billion during the fiscal ended March 2023. "In goods exports, we will be crossing $450 billion this fiscal," he said.

In April-August 2022-23, exports registered a growth of 17.12% to $192.59 billion. Imports during the five-month period rose 45.64% to $317.81 billion. The trade deficit widened to $125.22 billion in April-August this fiscal as against $53.78 billion in the same period last year.

Oil imports in August jumped 86.44% to $17.6 billion. However, gold imports dipped by 47.54% to $3.51 billion.