India’s exports rise slightly in August; Trade deficit widens to $28.98 billion


New Delhi: India’s exports edged up 1.62 percent to $33.92 billion, while the August trade deficit widened to $27.98 billion on increased crude oil imports, according to data released by the Commerce Ministry on Wednesday.

According to the updated data, imports increased by 37.28% to $61.9 billion in August this year.

Exports fell 1.15 percent to $33 billion in August, according to preliminary data from the ministry on Sept. 3.

Exports increased by 17.68% to US$193.51 billion between April and August 2022-2023. The five-month range of imports for the current fiscal year rose 45.74% to $318 billion.

Compared to the same period last year, the trade imbalance increased from $53.78 billion to $124.52 billion in April-August of this fiscal year.

In August last year there was a deficit of $11.71 billion.

Crude oil imports rose 87.44 percent to reach $17.7 billion in August this year. However, according to the report, gold imports fell by around 47% to $3.57 billion.

Conversely, silver imports rose to $684.34 million in the month from $15.49 million in the same month last year.

Major commodity groups such as coal, coke and briquettes saw import values ​​rise 133.64% to $4.5 billion in August, chemicals rose 43% to about $3 billion and vegetable oil rose 41.55% to about $2 billion billion dollars.

In addition, electrical goods, rice, oilseeds, tea, coffee and chemicals were among the export commodities that rose in August.

Exports of petroleum products rose 22.76% to $5.71 billion. Similarly, shipments of chemicals and pharmaceuticals increased 13.47% and 6.76%, to $2.53 billion and $2.14 billion, respectively.

Sectors that posted negative growth in August included machinery (down 14.19% to $8.3 billion), gems and jewelry (down about 3% to $3.33 billion), Ready-made clothing from all textiles (minus 0.34%) and others.

These included engineering (-1.49% to $8.3 billion), gemstones and jewelry (-3% to $3.33 billion), ready-made apparel of all fabrics (-0.34% to 1 $.23 billion) and plastics (-1.10% to $747.21 million). the sectors that posted negative growth in August.

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