August trade deficit falls to $10.83 billion

Continuing the downtrend, India's export growth slipped to 2.35% at $26.95 billion in August, pushing up trade deficit to $10.83 billion.

Gold imports have jumped significantly to $2.03 billion during the month under review from $738.7 million a year ago.

According to the Ministry of Commerce and Industry's data, overall imports grew only 2.08% to $37.79 billion.

Exports in May and June had registered a growth of 12.4% and 10.22%, respectively. In July, export growth further slipped to 7.33%.

In April-August period, exports grew 7.31% to $134.79 billion.

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

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