Trade deficit widens to record high in August despite export growth

New Delhi : The Commerce Ministry said on Wednesday that in August, exports from the country increased by 1.62 percent compared to last year to reach a level of $ 33.92 billion. On the other hand, the trade deficit has doubled year-on-year to a record high.

The import-export gap means trade deficit is increasing every month. India’s trade deficit reached a record high of $27.98 billion in August. That is, on the one hand, where the country’s exports are increasing, the imports are increasing more than that. The trade deficit narrowed to $11.71 billion in the same month last year.

Imports also increased by 37.28 percent to $61.9 billion in August 2022. The trade deficit is widening as import costs are rising as global crude prices average above $100 a barrel due to the Russo-Ukraine war.

How have you performed in five months?,

Exports grew by 17.68 per cent in the first five months of April to August of the current fiscal. It has reached $ 193.51 billion in five months. But during the same period, imports grew by 45.74 percent to reach $318 billion. As a result, the trade deficit has reached the level of $124.52 billion. The trade deficit narrowed to $53.78 billion in the first five months of the last fiscal.

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