India: Exports and imports both decrease in August
September 13, 2019
Merchandise exports declined6.0% year-on-year in August, amounting to USD 26.1 billion, contrasting July’s 2.3% increase. The decrease came despite strong growth in iron ore, electronics and spices exports. Merchandise imports, meanwhile, fell 13.4% in August, after dropping 10.4% in July, partly on significantly less imports of coal, coke and briquettes. In addition, lower oil prices helped reduce the value of oil imports in August.
The merchandise trade deficit narrowed to USD 13.5 billion in August from USD 17.9 billion in the same month a year earlier. However, the deficit in August was slightly wider than July’s USD 13.4 billion shortfall. The 12-month trailing sum of the trade deficit narrowed to USD 168.9 billion in August from USD 173.4 billion in July.
Author: Edward Gardner, Economist