India’s trade deficit widens to 10-month high of $24.16 billion in August

If seen on month, the trade deficit was up almost 17 percent over July’s $20.67 billion gap between goods imports and exports.

India’s merchandise trade deficit widened to a 10-month high of $24.16 billion in August, as imports surged due on account of festive buying in India.

If seen on month, the trade deficit was up almost 17 percent over July’s $20.67 billion gap between goods imports and exports.

Imports of the country were recorded at an 8-month high, with India importing products worth $58.6 billion in August. However, imports are smaller if compared year on year, down from $61.88 billion in August last year.

“Gold imports have seen a substantial rise probably due to the incoming festive season,” Commerce Secretary Sunil Barthwal said speaking to reporters during the release of data.

Gold imports for the month of August were registered at $4.9 billion, up from $3.5 billion in August last year.

Source : https://www.moneycontrol.com/

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