Exports Rise Marginally In August Trade Deficit More Than Doubles To $28 Billion Govt Data

India’s exports rose marginally by 1.62 per cent to $33.92 billion, according to commerce ministry data published on Wednesday. According to the report, trade deficit, however, more than doubled to $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 $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 $33 billion in August.

During April-August 2022-23, exports registered a growth of 17.68 per cent to $193.51 billion. Imports during the five-month period of this fiscal grew by 45.74 per cent to $318 billion.

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

Crude oil imports in August this year increased by 87.44 per cent to $17.7 billion. However, gold imports dipped by about 47 per cent to $3.57 billion, the data showed.

On the other hand, silver imports jumped to $684.34 million during the month under review from $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 $4.5 billion), chemicals (43 per cent to about $3 billion), and vegetable oil (41.55 per cent to about $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 $5.71 billion. Similarly, chemicals and pharma shipments increased by 13.47 per cent and 6.76 per cent to $2.53 billion and $2.14 billion, respectively.

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