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Business EconomyPosted at: Sep 15 2020 6:48PM


India's trade deficit narrows to USD 6.77 bn in goods

New Delhi, Sep 15 (UNI) India's trade deficit was USD 6.77 billion in goods in August and exports were USD 22.70 billion, exhibiting a fall of 12.66 per cent, according to data released by the government on Tuesday.
The trade deficit for August was estimated at USD 6.77 billion as against the deficit of USD 13.86 billion in the same month last year, which is a decline of (-) 51.14 per cent, the Commerce and Industry Ministry said.
Exports in August were USD 22.70 billion, as compared to USD 25.99 billion in the same month, exhibiting a negative growth of (-)12.66 per cent.
Imports in August were USD 29.47 billion, which is a decline of(-) 26.04 per cent lower over imports of USD 39.85 billion in the same month last year.
Major commodity groups of import showing negative growth in August 2020 over the corresponding month of last year are Petroleum, crude & products (-41.62 per cent), Machinery, electrical & non-electrical (-41.58 per cent),Coal, Coke & Briquettes, etc (-37.83 per cent), Organic & Inorganic Chemicals (-18.36 per cent) and Electronic Goods (-11.67 per cent).
Non-petroleum and Non-Gems and Jewellery exports in August 2020 were USD18.95billion, as compared to USD19.57billion in August2019, registering a negative growth of (-) 3.17per cent.
Non-petroleum and Non-Gems and Jewellery exports in April-August 2020-21 were USD 83.24 billion, as compared to USD99.65billion for the corresponding period in 2019-20, which is a decrease of (-)16.47 per cent.
India’s overall exports (Merchandise and Services combined) in April-August 2020-21 are estimated to be USD 182.13billion, exhibiting a negative growth of (-)19.32per cent over the same period last year.
Overall imports in April-August 2020-21 are estimated to be USD 167.94billion, exhibiting a negative growth of (-) 38.00 per cent over the same period last year.
According to the RBI, Service exports in July2020 were USD 17.03billion registering a negative growth of (-) 10.76 per cent while imports were USD 10.05 billion registering a negative growth of (-)21.69per cent.
The estimated value of service import for August is USD 10.31billion.
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