Exports rise marginally in August; trade deficit more than doubles to USD 27.98 billion
New Delhi: India’s exports rose marginally by 1.62 per cent 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 per cent to USD 61.9 billion in August this year.
The preliminary data released by the ministry on September 3 had shown a 1.15 per cent decline in exports to USD 33 billion in August.
During April-August 2022-23, exports registered a growth of 17.68 per cent to USD 193.51 billion. Imports during the five-month period of this fiscal grew by 45.74 per cent 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 per cent to USD 17.7 billion. However, gold imports dipped by about 47 per cent 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 per cent to USD 4.5 billion), chemicals (43 per cent to about USD 3 billion), and vegetable oil (41.55 per cent 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 per cent to USD 5.71 billion. Similarly, chemicals and pharma shipments increased by 13.47 per cent and 6.76 per cent to USD 2.53 billion and USD 2.14 billion respectively.
Sectors which recorded negative growth in August included engineering (14.19 per cent to USD 8.3 billion), gems and jewellery (about 3 per cent to USD 3.33 billion), ready-made garments of all textiles (0.34 per cent to USD 1.23 billion), and plastic (1.10 per cent to USD 747.21 million).