August trade deficit shrinks as exports rise

NEW DELHI Tue Sep 10, 2013 3:17pm IST

Mobile cranes prepare to stack containers at Thar Dry Port in Sanand in Gujarat May 2, 2011. REUTERS/Amit Dave/Files

Mobile cranes prepare to stack containers at Thar Dry Port in Sanand in Gujarat May 2, 2011.

Credit: Reuters/Amit Dave/Files

Related Topics

NEW DELHI (Reuters) - India's trade deficit narrowed to $10.9 billion in August, helped by a double digit rise in merchandise exports, provisional government data showed on Tuesday, offering some respite for the troubled rupee currency.

Merchandise exports rose 12.97 percent in August to $26.14 billion from a year earlier. Imports fell 0.68 percent year-on-year to $37.05 billion.

"We are closing the trade gap," Trade Minister Anand Sharma told reporters at a press conference.

The rupee has been hammered down in a sell-off in emerging currencies as foreign investors readjust their exposure to markets like India, anticipating higher interest rates in the United States.

The rupee hit an all-time low of 68.85 against the dollar last month on concerns over New Delhi's ability to fund its bloated trade deficit.

(Reporting by Rajesh Kumar Singh and Manoj Kumar; editing by Matthias Williams)

FILED UNDER:
  • Most Popular
  • Most Shared

Banking

REUTERS SHOWCASE

Tobacco Control

Tobacco Control

India moves toward ban on loose cigarettes to deter smoking   Full Article 

Pressure on RBI

Pressure on RBI

Exclusive - RBI under pressure to cut rates as growth slips  Full Article 

Asset Sale Dates

Asset Sale Dates

India yet to decide on dates for key asset sales - official   Full Article 

Women on Boards

Women on Boards

Germany to introduce legal quotas for women on company boards  Full Article 

OPEC Oil Talks

OPEC Oil Talks

Saudi, Russia pre-OPEC talks yield no oil output cut  Full Article 

India-U.S. Trade

India-U.S. Trade

India, U.S. hold first trade dialogue in four years  Full Article 

SAARC Summit

SAARC Summit

China looms over SAARC summit in the Himalayas  Full Article 

Microsoft in China

Microsoft in China

Microsoft to pay China $140 million for 'tax evasion'   Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage