India's trade deficit widens; August imports jump 37%, exports flat

India registered a trade deficit of $28.68 billion in August this year, taking the country’s overall trade deficit to $153.37 billion during April-August this year.

India’s merchandise imports increased by 36.78 per cent to $61.68 billion in August 2022 against imports valued at $45.09 billion in August last year. Exports during the month stood at $33.0 billion, against $33.38 billion in the same month last year. 
India’s merchandise export in April -August 2022-23 increased by 17.1 per cent to $192.59 billion, against $164.44 billion in April -August 2021-22.
Amongst the major products, exports of electronic goods (50.68 per cent), rice (42.32 per cent), organic and inorganic chemicals (13.35 per cent) recorded impressive growth in August 2022.
India’s merchandise imports, on the other hand,  witnessed an increase of 36.78 per cent to $61.68 billion in August 2022, against $45.09 billion in August 2021. 
Merchandise imports in April -August 2022-23 increased by 45.64 per cent to $317.81 billion, against $218.22 billion in April -August 2021-2 2.
Export of non-petroleum and non-gems and jewellery in April-August 2022-23 stood at $135.49 billion, showing an increase of 8.4 per cent over cumulative value of non-petroleum and non-gems and jewellery exports of $124.99 billion in April-July 2021-22.
Value of non-petroleum and non-gems and jewellery exports in August 2022 stood at $24.8 billion, registering a negative growth of 1.96 per cent over non-petroleum and non-gems and jewellery exports of $25.29 billion in August 2021. The cumulative value of non-petroleum and non-gems and jewellery exports in April-August 2022-23 stood at $135.49 billion, an increase of 8.4  per cent over cumulative value of non-petroleum and non-gems and jewellery exports of $124.99 billion in April-August 2021-22.
Value of non-petroleum imports rose 23.63 percent to $44.07 billion in August 2022 against non-petroleum imports of $35.65 billion in August 2021.The cumulative value of non-petroleum imports in April-August 2022-23 was $218.44 billion, showing an increase of 32.02 per cent against non-oil imports of $165.46 billion in April-August 2021-22.
Value of non-oil, non-GJ (gold, silver and other precious metals) imports jumped 40.37 per cent to $37.46 billion in August 2022 over non-oil and non-GJ imports of $26.69 billion in August 2021. Non-oil, non-GJ (gold, silver and other precious metals) imports in April-August 2022-23 stood at $184.98 billion, recording a positive growth of 37.59 per cent, compared to non-oil and non-GJ imports of $134.44 billion in April-August 2021-22.
According to the commerce ministry, the import surge reflects the strong demand of the domestic economy due to robust growth and strong fundamentals of the Indian economy. In value terms, the surge in imports is due to a combination of quantity and price factors, it adds.