Winning Bizness Desk
Mumbai. The country's exports declined by just 1.15 per cent to $33 billion in August, while the trade deficit has more than doubled to $28.68 billion. This information was obtained from the preliminary data released on Saturday by the Ministry of Commerce. A year ago, in August 2021, the trade deficit stood at $ 11.71 billion. According to government data, the country's imports in August 2022 have increased by 37 percent to $ 61.68 billion compared to a year ago. However, Commerce Secretary BVR Subramaniam said that the country's total exports are expected to cross $450 billion in the current financial year. "We will cross the $450 billion mark in product exports this fiscal," he said.
Exports grew by 17.12 per cent
During April-August in the current fiscal, the country's exports grew by 17.12 per cent to $192.59 billion, while imports grew by 45.64 per cent to $317.81 billion. The country's trade deficit widened to $125.22 billion during the same period from $53.78 billion in the same period last year. Oil imports rose 86.44 per cent to $17.6 billion in August, while gold imports fell 47.54 per cent to $3.51 billion.
What is trade deficit
When a country imports more than exports, it is called a trade deficit, that is, if that country does not produce enough goods and services to meet the needs of its customers, then it has to import from other countries. Conversely, if a country exports more than it imports, then it is called trade surplus.