Trade deficit narrows to just over $10 bn

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.

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.