August trade deficit shrinks as exports rise
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)
- Tweet this
- Share this
- Digg this
- UPDATE 5-U.S. aid workers who survived Ebola leave Atlanta hospital
- REFILE-Slain journalist's employer publishes email to family from Islamic State
- U.S. strikes have slowed Iraq militants but not weakened them - Pentagon
- Ukraine's Poroshenko talks tough ahead of meetings with Merkel, Putin
- Insight - As Ukraine forces gain in east, focus of German diplomacy shifts
Government officials painted an upbeat picture for the economy on Thursday as it struggles to emerge from the longest spell of sub-par growth in decades and promised to tighten up risk management at the country's dominant state banks. Full Article