NEW DELHI: India’s trade deficit more than doubled in August to $28.68 billion as compared to same month last year amid inflation and global geopolitical tensions, as per the government data. In the same month during previous year, the trade deficit stood at $11.71 billion.
However, sequentially it has moderated.In the previous month, it was at a record high of $30 billion. Interestingly, exports remained flat during the month, while imports increased by 37% to $67.68 billion. Commerce Secretary BVR Subrahmanyam believes exports will pick up in the coming months. According to him, overall exports will cross $450 billion by end of the current fiscal year.
He said increase in imports was because of stocking up of coal and petroleum products for energy security.Between April and August 2022 , exports surged by 17.12% to $192.59 billion. Whereas imports saw an increase of 45.64% to $ 317.81 billion over the first five months of the current financial year.