Imports rose by 37.28% to $61.9 billion in August this year
New Delhi, NFAPost: India’s exports rose marginally by 1.62% to $33.92 billion, while trade deficit more than doubled to $27.98 billion in August due to increased crude oil imports, commerce ministry data said.
The revised data showed that imports rose by 37.28% to $61.9 billion in August this year. The preliminary data released by the ministry on September 3 had shown a 1.15% decline in exports to $33 billion in August.
During April-August 2022-23, exports registered a growth of 17.68% to $193.51 billion. Imports during the five-month period of this fiscal grew by 45.74% 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% to $17.7 billion. However, gold imports dipped by about 47% 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% to $4.5 billion), chemicals (43% to about $3 billion), and vegetable oil (41.55% 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% to $5.71 billion. Similarly, chemicals and pharma shipments increased by 13.47% and 6.76% to $2.53 billion and $2.14 billion respectively.
Sectors which recorded negative growth in August included engineering (14.19% to $8.3 billion), gems and jewellery (about 3% to $3.33 billion), ready-made garments of all textiles (0.34% to $1.23 billion), and plastic (1.10% to $747.21 million).
