India’s trade deficit more than doubled to $27.98 billion in August because of increased crude oil imports, commerce ministry data showed on Wednesday. The revised data showed that exports rose marginally by 1.62 per cent to $33.92 billion.

Imports rose 37.28 per cent to $61.9 billion in August this year. The preliminary data released by the ministry on September 3 had shown a 1.15 per cent decline in exports to $33 billion in August. During April-August 2022- 23, exports registered a growth of 17.68 per cent to $193.51 billion. Imports during the five-month period of this fiscal grew 45.74 per cent to $318 billion.

Trade deficit widened to $124.52 billion in April-August this fiscal against $53.78 billion in the same period last year. The deficit in August last year was $11.71 billion. Crude oil imports in August this year increased by 87.44 per cent to $17.7 billion.

However, gold imports dipped by about 47 per cent to $3.57 billion, the data showed. On the other hand, silver imports jumped to $684.34 million during the month under review from $15.49 million in the same month last year.

Rise in import values in August has been witnessed in major commodity groups such as coal, coke and briquettes (133.64 per cent to $4.5 billion), chemicals (43 per cent to about $3 billion), and vegetable oil (41.55 per cent to about $2 billion).

Further, export products that recorded positive growth in August included electronic goods, rice, oil meals, tea, coffee and chemicals. Export of petroleum products rose 22.76 per cent to $5.71 billion. Similarly, chemicals and pharma shipments increased 13.47 per cent and 6.76 per cent to $2.53 billion and $2.14 billion, respectively.

Sectors which recorded negative growth in August included engineering (14.19 per cent to $8.3 billion), gems and jewellery (about 3 per cent to $3.33 billion), ready-made garments of all textiles (0.34 per cent to $1.23 billion), and plastic (1.10 per cent to $747.21 million).

Meanwhile, briefing media here, the Federation of Indian Export Organisations (FIEO) said they expect that exports would start picking up from October onwards. Reasons like rupee depreciation and moving away of buyers from China as manufacturing cost is going up in Beijing will help India’s exports in the coming months, FIEO president A. Sakthivel said. FIEO expects the country to clock $470 billion in goods exports this fiscal.