According to commerce ministry data, India’s exports increased by 1.62 percent to $33.92 billion in August, while the trade deficit more than doubled to $27.98 billion due to increased crude oil imports.
According to revised data, imports increased by 37.28% to $61.9 billion in August of this year. A preliminary data released by the ministry on September 3 shows exports fell 1.15 percent to $33 billion in August.
Exports increased by 17.68% to $193.51 billion between April and August 2022-23. Imports increased by 45.74 percent to $318 billion during the first five months of this fiscal year.
The trade deficit increased to $124.52 billion from April to August of this fiscal year, up from $53.78 billion in the same period last year. In August of last year, the deficit was $11.71 billion.
In August of this year, crude oil imports increased by 87.44% to $17.7 billion.However, gold imports fell by about 47% to $3.57 billion, according to the data. Silver imports, on the other hand, increased to $684.34 million during the month under review, up from $15.49 million the previous year.
Import values increased in August for major commodity groups such as coal, coke, and briquettes (133.64 percent to $4.5 billion), chemicals (43% to around $3 billion), and vegetable oil (41.55% to around $2 billion). Furthermore, electronic goods, rice, oil meals, tea, coffee, and chemicals experienced positive growth in August.
Petroleum product exports increased by 22.76 percent to $5.71 billion.
Similarly, chemical and pharmaceutical shipments increased by 13.47 percent and 6.76 percent, respectively, to $2.53 billion and $2.14 billion. Engineering (1.19 percent to $8.3 billion), gems and jewellery (about 3% to $3.33 billion), ready-made garments of all textiles (0.34 percent to $1.23 billion), and plastic (1.10 percent to $747.21 million) all experienced negative growth in August.