Home / Business / Money / Trade deficit narrows to $10.83bn in Aug; exports slow

Trade deficit narrows to $10.83bn in Aug; exports slow

Trade deficit during the period (April-August) stood at USD 56.15 billion down from USD 70.6 billion during the same period last year.

Trade deficit narrows to $  10.83bn in Aug; exports slow

The trade deficit narrowed to USD 10.84 billion in August versus USD 12.2 billion in July. Exports and imports rose marginally on an annual basis, but gold imports surged over 175 percent in August on a year-on-year basis.

Overall imports grew only 2.08 percent to USD 37.79 billion. Exports in May and June had registered a growth of 12.4 percent and 10.22 percent, respectively. In July, export
growth further slipped to 7.33 percent. In April-August period, exports grew 7.31 percent to USD 134.79 billion, says Ministry of Commerce and Industry’s data.

Imports, however, dipped by 2.69 percent to USD 190.94 billion during the first five months of this financial year. Trade deficit during the period (April-August) stood at USD 56.15 billion down from USD 70.6 billion during the same period last year.

Oil imports declined by 14.97 percent in August to USD 12.83 billion. However non-oil imports during the month under review were up by 13.82 percent to USD 24.95 billion.

(With Inputs from PTI)

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