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August trade deficit flat at $12.48 bn, exports fall

The big setback comes on the exports front, which stood at USD 21.27 billion versus USD 23.14 billion MoM. In terms of a monthly year tally, exports are at multi-year lows.

The trade deficit for the month of August has come in almost flat at USD 12.48 billion against USD 12.81 billion month-on-month (MoM), even as imports dipped 9.95 percent to USD 33.74 billion versus USD 35.95 billion MoM.

However, the big setback comes on the exports front, which stood at USD 21.27 billion versus USD 23.14 billion MoM. In terms of a monthly year tally, exports are at multi-year lows.

Terming the export numbers as a major disappointment, Soumya Kanti Ghosh, chief economic advisor, State Bank of India , says these are the worse (export) numbers since October 2010.

Meanwhile, oil imports for the month declined significantly to come in at USD 7.36 billion against USD 9.49 billion MoM. Gold imports on the other hand surged to USD 4.96 billion against USD 2.97 billion in July. Ghosh hopes the gold import numbers are an aberration and may be on the back of prices.

Non-oil imports remained largely unchanged at USD 26.39 billion against USD 26.46 billion MoM. Silver imports for the month stood at USD 363.41 million versus USD 277.77 million MoM.

For the period between April and August, trade data came in at USD 57.52 billion versus USD 58.22 billion year-on-year, with imports coming in at USD 168.61 billion against USD 190.75 billion YoY and exports at USD 111.09 billion versus USD 132.53 billion during the same period last year.

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