Trade deficit narrows to $17.4 billion in August from $18.2 billion in July

India imported gold worth $3.63 billion in August, with inbound trade shooting up by more than 90 per cent

A faster rise in exports and slightly slower growth in inbound shipments led to India's trade deficit reducing in August from a six-month high in July.

The trade deficit in August was $17.4 billion, compared to $18.2 billion in July. This was due to slower growth in the crucial crude oil import bill, which rose by 51 per cent in August to $11.83 billion, lower than the 57 per cent rise in July. This happened despite the global value of crude oil remaining northbound.

As a result, the rate of rise of overall imports also stymied a little in August,