India’s trade deficit narrows in August as exports grow faster than imports, according to data released by India’s Department of Commerce and reported by multiple outlets. Overall trade deficit (including services) decreases to $9.41 billion in August, down from $11.62 billion in the same month a year earlier.
Exports rise strongly year-on-year, with outlets citing similar growth rates and export values. Exports increase to about $82.68 billion (reported as up 25.4% to 25.41% y/y), while imports rise to $92.09 billion. For merchandise trade, the goods trade deficit narrows to $26.86 billion, compared with $27.22 billion a year earlier and $31.98 billion in July, as merchandise exports climb 26% y/y to $43.81 billion while merchandise imports increase 14% y/y to $70.67 billion. The Hindu notes Commerce Secretary Rajesh Agrawal says this is the first time merchandise export growth surpasses import growth in both percentage and absolute terms.
