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India's trade deficit more than doubles to $27.98 billion in August

India's exports in the month of August rose marginally by 1.62% to $33.92 billion while the trade deficit more than doubled on an annualised basis to $27.98 billion, government data showed on Wednesday. Trade deficit in August 2021 stood at $11.71 billion. India's trade deficit had widened to a record $30 billion in July.

During April-August 2022-23, exports registered a growth of 17.68% to $193.51 billion. Imports during the five-month period of this fiscal grew by 45.74% to $318 billion. Trade deficit widened to $124.52 billion in April-August this fiscal as against $53.78 billion in the same period last year. "Though the August print marks a moderation from July's record trade deficit, the deficit remains at unsustainably high levels, and is likely to raise financing concerns," Rahul Bajoria..chief India economist said in a note. Bajoria forecast India's current account deficit (CAD) will rise to $115 billion (3.3% of GDP) in FY22-23. "With the trade deficit staying at uncomfortably elevated levels, we acknowledge upside risk to our current account deficit forecasts, despite the recent fall in commodity prices," he said. India's trade deficit contracted... driven by a lower oil trade deficit as oil imports contracted more than exports," Goldman Sachs economist Santanu Sengupta said. Oil imports declined by $3.5bn to $17.6 billion from $21.1 billion in July. India's overall exports (merchandise & services) grew by 6.75% YoY in August 2022 at $57.47 billion while overall imports stood at $75.84 billion, registering a growth of 33.15% over the same period last year. Non-petroleum and non-gems & jewellery exports stood at $24.88 billion, registering a contraction of 1.64% over $25.29 billion seen in August 2021. Imports of the same stood at $37.53 billion in August 2022, up 40.63% from $26.69 billion in the same period a year ago.