Chennai, Sep 14 (IANS): India's merchandise trade deficit went up to $27.98 billion in August, up from $11.71 billion for the same month in 2021.

Simply put, trade deficit is a situation in which the value of goods a country imports is greater than the value of goods it exports -- excluding software, remittances and others.

For the period under review, merchandise imports stood at $61.90 billion ($45.09 billion in August 2021), while exports were at $33.92 ($33.38 billion).

The overall trade deficit shot up to $18.37 billion from $3.13 in August 2021, said the Ministry of Commerce and Industry.

India's overall exports (merchandise and services combined) in August are estimated to be $57.47 billion, exhibiting a positive growth of 6.75 per cent over the same period last year.

Overall imports in August 2022 are estimated to be $75.84 billion, recording a positive growth of 33.15 per cent over the same period last year.

India's overall exports (merchandise and services combined) in April-August are estimated to be $311.82 billion, exhibiting a positive growth of 19.72 per cent over the same period last year.

Overall imports in April-August 2022 are estimated to be $390.91 billion, recording a positive growth of 43.78 per cent over the same period last year.