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August Exports declined marginally to $33 billion, trade deficit reached $28.68 billion

August Exports declined marginally to $33 billion, trade deficit reached $28.68 billion
August Exports declined marginally to $33 billion, trade deficit reached $28.68 billion
Photo:FILE Import-Export

Highlights

  • Country’s total exports expected to cross $450 billion
  • Services exports will reach $300 billion
  • Exports grew by 17.12% to $192.59 billion during April-August

August The country’s exports in the month fell 1.15 per cent to $33 billion for the first time in 20 months, while the trade deficit more than doubled to $28.68 billion. This information was obtained from the preliminary trade data released by the Ministry of Commerce on Saturday. A year ago in August 2021, the country’s trade deficit was $ 11.71 billion. According to government data, the country’s imports in August 2022 increased by 37 percent to $61.68 billion from a year earlier. The earlier fall in exports came in November 2020 when it fell by 8.74 per cent.

Total exports expected to cross $450 billion

However, Commerce Secretary BVR Subramaniam told reporters that the country’s total exports are expected to cross $450 billion in the current fiscal. “We will cross the $450 billion mark in product exports this fiscal. However, my internal target is $470 billion. At the same time, service exports will reach $ 300 billion. In this way, the total exports in the current financial year will be $ 750 billion as compared to $ 676 billion in the last financial year. increased to $317.81 billion. The country’s trade deficit widened to $125.22 billion during the same period from $53.78 billion in the same period last year. Oil imports rose 86.44 per cent to $17.6 billion in August, while gold imports fell 47.54 per cent to $3.51 billion.

Take several steps to control inflation

Subramaniam said, “What is the reason for the flat growth in exports? To control inflation and ensure availability of certain products, we have imposed a ban on wheat, steel and iron ore pellets as well as levying export duty on some products. All this has led to some reduction in exports to these regions. He said that the new foreign trade policy will be released on September 30.

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The article is in Hindi

Tags: August Exports declined marginally billion trade deficit reached billion

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