India's exports contracted by 1.15 per cent to $33 billion and trade deficit more than doubled to 28.68 billion in August, a preliminary data released by the commerce ministry said on Saturday.
Trade deficit in August 2021 stood at 11.71 billion.
Imports rose by 37 per cent to $61.68 billion in August this year.
Commerce secretary B V R Subrahmanyam, however, said that the country's overall exports are expected to cross $450 billion during the current fiscal.
"In goods exports, we will be crossing $450 billion this fiscal," Subrahmanyam said.
During April-August 2022-23, exports registered a growth of 17.12 per cent to $192.59 billion. Imports during the five-month period of this fiscal grew by 45.64 per cent to $317.81 billion.
Trade deficit widened to 125.22 billion in April-August this fiscal as against $53.78 billion in the same period last year.
Oil imports in August jumped by 86.44 per cent to $17.6 billion. However, gold imports dipped by 47.54 per cent to $3.51 billion, the data showed.
Published 03 September 2022, 13:39 IST