(Bloomberg) -- India's trade deficit was little changed in August, as a protracted economic slowdown and cheaper oil kept imports in check.
The gap between exports and imports was at $13.45 billion last month from $13.43 billion in July, data released by the Commerce Ministry showed Friday. That was in line with the median estimate for a $13.42 billion deficit in a Bloomberg survey of 24 economists.
Key Insights
- Imports declined 13.5% from a year ago to $39.6 billion, compared with a 10.4% fall in July. Exports fell 6.1% to $26.1 billion, against a 2.3% jump in the previous month
- A fall in prices of crude oil in August and a drop in demand for gold helped contain the import bill
- Oil imports dropped 8.9% from a year earlier to $10.9 billion, while gold imports fell 62% to $1.36 billion as jewelers cut purchases amid record high local prices that dried up retail demand
- India wants to more than triple its annual exports to $1 trillion in the next five years, but the goal is threatened by a slowing global economy and trade tensions between the U.S. and China despite signs of a thaw
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