India's exports contracted by 1.15 per cent to USD 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 stood at 11.71 billion.

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

Commerce secretary B V R Subrahmanyam, however, said that the country's overall exports are expected to cross USD 450 billion during the current fiscal.

"In goods exports, we will be crossing USD 450 billion this fiscal," Subrahmanyam said.

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

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

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