Exports increases 19.21% in August; trade deficit at $17.4 bn
Merchandise imports too rose by 25.41% in August to USD 45.24 billion due to the rising crude oil prices, leaving a trade deficit of USD 17.4 billion
India's exports grew by 19.21% to USD 27.84 billion in August on account of healthy performance by sectors such as petroleum. "Export trade during August 2018 recorded at USD 27.84 billion, a positive growth of 19.21%. Exports excluding Petroleum also reported a positive growth of 17.43%," Commerce and Industry Minister Suresh Prabhu said in a tweet.
Merchandise imports too rose by 25.41% in August to USD 45.24 billion due to the rising crude oil prices, leaving a trade deficit of USD 17.4 billion. In July, trade deficit soared to a near five-year high of USD 18.02 billion. During April-August this fiscal, the exports recorded a growth of 16.13%, while the imports during the first five months of this fiscal grew by 17.34%.