New Delhi: The trade deficit of India widened to $27.98 billion in August. Data released by the Union Commerce ministry revealed this. In August last year, the trade deficit was at $11.71 billion. Trade deficit is the difference between imports and exports of the country.
Merchandise exports from the country rose to $33.92 billion from $33.38 billion in August last year. Imports rose to $61.90 billion in August from $45.09 billion last year.
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As per the data, exports registered a growth of 17.68% to $193.51 billion during April- August 2022-23. Imports during the five-month period of this financial year grew by 45.74% to $318 billion.
Import of crude oil in August 2022 surged by 87.44% to $17.7 billion. Gold imports dipped by about 47% to $3.57 billion. Export of petroleum products climbed by 22.76% to $5.71 billion. Exports of chemicals and pharma rose by 13.47% and 6.76% to $2.53 billion and $2.14 billion, respectively.
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