India's Trade Deficit Eases In August
Trade deficit narrowed in August as exports and imports fell sequentially. Annually, exports growth dropped and imports rose.
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.