New Delhi, Sep 16 (IANS) India’s trade deficit in August narrowed to $10.84 billion, from $12.23 billion in July, on the back of lower imports recorded during the month, government data showed on Monday.
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According to data released here by the commerce and industry ministry, the growth of merchandise exports in August at $26.96 billion, a 2.35 percent slowdown, as against $26.34 billion exported in the same period of the last fiscal.
Imports at $37.80 billion grew by 2.08 percent in the month under review, from $37.03 billion imported in the corresponding month of last year.
Oil imports during July, 2014 were valued at $12.84 billion which was 14.97 percent lower than oil imports in the corresponding period last year at $15.1 billion. This was primarily a result of softening of international crude prices that fell below the $100 a barrel mark in August and rupee appreciation against the US Dollar.