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Trade Deficit
Why is it in the news?
- As per the official data released, India’s exports contracted 6.05% in August to $26.13 billion.
- The trade deficit widened marginally to $13.45 billion.
Highlights of the Report
Findings of the Official data:
- Exports in August 2019 were $26.13 billion, as compared to $27.81 billion in August 2018, exhibiting a negative growth of 6.05%
- The sectors that saw notable contraction in their exports include rice, other cereals, oil meals, and oil seeds.
- Imports in August 2019 were $39.58 billion, which was 13.45% lowe over imports of $45.73 billion in August 2018.
- The major commodity groups that saw a contraction in imports in August include coal, coke and briquettes, organic and inorganic chemicals, petroleum, crude and products, electrical and non-electrical machinery and electronic goods.
- The contraction in both exports and imports has meant that the trade deficit has widened only marginally in August from the $13.43 billion in the previous month.
Source
The Hindu.