India’s exports contracted by 1.15 per cent to $33 billion, and trade deficit more than doubled to $28.68 billion in August, a preliminary data released by the Commerce Ministry said on Saturday. 

Trade deficit in August 2021 had stood at $11.71 billion. 

Imports rose by 37 per cent to $61.68 billion in August this year. 

Commerce Secretary B V R Subrahmanyam, however, said that the country’s overall exports were expected to cross $450 billion during the current financial year. 

“In goods exports, we will be crossing $450 billion this fiscal,” Mr Subrahmanyam said. 

During April-August 2022-23, exports registered growth of 17.12 per cent to $192.59 billion. Imports during the five-month period of this financial year grew by 45.64 per cent to $317.81 billion. 

Trade deficit widened to $125.22 billion in April-August this financial year as against $53.78 billion in the same period last year. 

Oil imports in August jumped by 86.44 per cent to $17.6 billion. However, gold imports dipped by 47.54 per cent to $3.51 billion, the data showed.