Exports rise marginally in August; trade deficit more than doubles to $27.98 billion

India’s exports rose marginally by 1.62 percent to USD 33.92 billion, while trade deficit more than doubled to USD 27.98 billion in August due to increased crude oil imports, commerce ministry data said on Wednesday.

The revised data showed that imports rose by 37.28 percent to USD 61.9 billion in August this year.

The preliminary data released by the ministry on September 3 had shown a 1.15 percent decline in exports to USD 33 billion in August. During April-August 2022-23, exports registered a growth of 17.68 percent to USD 193.51 billion.

Imports during the five-month period of this fiscal grew by 45.74 percent to USD 318 billion.

Trade deficit widened to USD 124.52 billion in April-August this fiscal as against USD 53.78 billion in the same period last year. The deficit in August last year was USD 11.71 billion.

Crude oil imports in August this year increased by 87.44 percent to USD 17.7 billion. However, gold imports dipped by about 47 percent to USD 3.57 billion, the data showed. On the other hand, silver imports jumped to USD 684.34 million during the month under review from USD 15.49 million in the same month last year.

Rise in import values in August has been witnessed in major commodity groups such as coal, coke & briquettes (133.64 percent to USD 4.5 billion), chemicals (43 percent to about USD 3 billion), and vegetable oil (41.55 percent to about USD 2 billion).

Further, export products that recorded positive growth in August included electronic goods, rice, oil meals, tea, coffee and chemicals.

Export of petroleum products rose by 22.76 percent to USD 5.71 billion. Similarly, chemicals and pharma shipments increased by 13.47 percent and 6.76 percent to USD 2.53 billion and USD 2.14 billion respectively.

Sectors which recorded negative growth in August included engineering (14.19 percent to USD 8.3 billion), gems and jewellery (about 3 percent to USD 3.33 billion), ready-made garments of all textiles (0.34 percent to USD 1.23 billion), and plastic (1.10 percent to USD 747.21 million).