In August 2022, the country's imports climbed sharply by 37% to $61.68 billion. While exports stood flat at $33 billion.
In sector-wise performance, in August 2022, oil imports jumped by 86.44% to $17.6 billion. On the contrary, gold imports declined by 47.54% to $3.51 billion.
On month-on-month, India's trade deficit was down by 4.4% from $28.7 billion in July 2022.
Also, a decline was seen in both exports and imports compared to July month.
During the month under review, imports dipped by 7% compared to $66.27 billion in July. While exports slipped by 9% against $36.3 billion in July this year.
Between April - August this year, the country's export stood at $192.59 billion registering a growth of 17.12%. Imports came in at $317.81 billion skyrocketing by 45.64%.
Thereby, in the first five months of FY23, India's trade deficit widened by $125.22 billion compared to $53.78 billion in the same period a year ago.
Commerce secretary B V R Subrahmanyam, however, said that the country's overall exports are expected to cross $450 billion during the current fiscal, as reported by PTI.
Subrahmanyam further said, "In goods exports, we will be crossing $450 billion this fiscal."
During the first quarter of FY23 (April to June), India's trade deficit more than doubled to $70.25 billion from $31.42 billion in the corresponding period last year. In Q1FY23, the exports stood at $116.77 billion up by $95.54 billion in Q1FY22, while the imports jumped to $187.02 billion against $126.96 billion in Q1 last year, as per the Ministry of Commerce & Industry data released last month.
