India’s trade gap narrows on reduced gold imports

India’s trade deficit decreased to $20.78 billion in September 2024, from $29.6 billion in the previous month, due to moderation in inbound shipments of gold, according to figures provided by the Trade Ministry on Wednesday.

The country’s imports rose 1.6 per cent to $55.36 billion in September 2024, while exports stayed flat at $34.58 billion, up 0.5 per cent. In contrast, August saw record imports of $64.36 billion, surpassing exports of $34.71 billion.

Gold imports fell from $10.06 billion in August to $4.39 billion in September, contributing to a significant reduction in the overall import bill. Crude oil imports increased slightly to $12.5 billion from $11.01 billion in the previous month.

Attribution: Bloomberg

Subediting: Y.Yasser