Motion correction for fetal body MRI is particularly challenging due to non-rigid deformations of organs caused by bending and stretching. Rigid slice-to-volume registration (SVR) methods are efficient for 3D fetal brain reconstruction. However, for full body reconstruction, misregistration errors caused by deformable motion lead to degradation of features. We propose a novel deformable SVR (DSVR) method based on hierarchical deformable registration for reconstruction of 3D fetal trunk from multiple motion corrupted stacks. The method is quantitatively evaluated by comparison to the state-of-the-art methods on 20 iFIND fetal MRI datasets. Furthermore, DSVR reconstruction quality is assessed on 100 fetal MRI cases.