According to preliminary figures released by the commerce ministry on Saturday, India's exports fell 1.15 percent to USD 33 billion in August, while the trade deficit more than doubled to USD 28.68 billion. The trade deficit in August 2021 was 11.71 billion.
Imports increased by 37 percent to USD 61.68 billion in August of this year. However, Commerce Secretary B V R Subrahmanyam stated that the country's total exports are likely to exceed USD 450 billion during the current fiscal year.
”In goods exports, we will be crossing USD 450 billion this fiscal,” Subrahmanyam said. Exports increased by 17.12 percent to USD 192.59 billion between April and August 2022.
Imports increased by 45.64 percent to USD 317.81 billion over the first five months of the current fiscal year.
The trade deficit widened to 125.22 billion in April-August of the current fiscal year, up from USD 53.78 billion in the same period the previous year. In August, oil imports increased by 86.44 percent to USD 17.6 billion.
However, gold imports fell by 47.54 percent to USD 3.51 billion, according to the report.
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