(Bloomberg) -- India's trade deficit narrowed in February as exports snapped a six-month losing streak.
The gap between exports and imports was $9.85 billion last month, compared with $15.2 billion in January, according to data released by the Commerce Ministry on Friday. That compares with the median estimate of $11.4 billion in a Bloomberg survey of 25 economists.
Key Insights
- Imports rose 2.48% from a year ago to $37.5 billion, compared with a 0.7% drop in January, while exports rose 2.91% to $27.7 billion
- The economic downturn has curbed demand for imports in recent months, while exports were impacted after the U.S.-China trade war disrupted global demand. The spread of coronavirus has further affected supply chains and outlook for trade
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- Oil imports rose 14.3% from a year earlier to $10.8 billion
- To read the full statement on trade numbers, click here
--With assistance from Tomoko Sato.
To contact the reporter on this story: Vrishti Beniwal in New Delhi at vbeniwal1@bloomberg.net
To contact the editors responsible for this story: Nasreen Seria at nseria@bloomberg.net, Unni Krishnan
©2020 Bloomberg L.P.
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