India's trade deficit narrowed in August as exports and imports fell sequentially.
The trade deficit eased to $27.98 billion in August compared to a record high of $30 billion in July, according to data released by the Ministry of Commerce and Industry, on Wednesday.
Highlights
Exports rose by 1.6% year-on-year to $33.9 billion. On a month-on-month basis, exports fell by 6.5%.
Imports rose 37.3% year-on-year to $61.9 billion. On a month-on-month basis, imports fell by 6.6%.
Non-petroleum and non-gems and jewellery exports in August were at $24.88 billion, a fall of 1.6% year-on-year.
Non-petroleum, non-gems and jewellery imports were at $37.5 billion, a growth of 40.6% year-on-year.
Key Exports
Engineering goods exports stood at $8.3 billion, down 14.2% year-on-year.
Petroleum product exports were at $5.7 billion, 22.8% higher than a year earlier.
Gems and jewellery exports were at $3.3 billion, 3% lower than the previous year.
Organic and inorganic chemical exports were at $2.5 billion, 13.5% higher than last year.
Drugs and pharmaceutical exports were at $2.1 billion, 6.8% higher compared to a year earlier.
Key Imports
Petroleum, crude and product imports were up 87.4% over a year ago, at $17.7 billion.
Imports of coal, coke and briquettes were 133.6% higher than a year ago at $4.5 billion.
Electronic goods imports were at $7.3 billion, up 23.3% over the previous year.
Machinery, electrical and non-electrical goods were at $3.9 billion, up 33.3% over the previous year.
Gold imports stood at $3.6 billion, 46.7% lower than a year ago.