India's exports slip by 1.15% to $33 billion, trade deficit widens to $28.68 billion

Commerce secretary B V R Subrahmanyam said that the country's overall exports are expected to cross $450 billion during the current fiscal

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.

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"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.