India trade gap shrinks to five-month low as exports jump over 26% in August

Indias merchandise exports surged 26.12 per cent to USD 43.81 billion in August, driven by a jump in electronics, engineering and petroleum product shipments, while a dip in gold imports helped narrow the trade deficit to a five-month low of USD 26.86 billion. Imports rose by 14.1 per cent year-on-year to USD 70.76 billion in August due to growth in sectors such as crude oil, project goods, electronic items, silver, coal and coke. Gold imports dropped by 57.75 per cent to USD 2.3 billion during the month under review.