Exports up 10.29% in Aug; trade deficit widens to USD 11.64 bn

Trucks wait in a queue for the border customs control to cross into U.S. at the World Trade Bridge in Nuevo Laredo, Mexico, November 2, 2016. Picture taken November 2, 2016. REUTERS/Daniel Becerril - RTX2T319

India's exports grew by 10.29 per cent, highest in the last four months, to USD 23.81 billion in August, helped mainly by higher growth in petroleum products, engineering, and chemicals shipments, government data showed today.

Imports too rose by 21.02 per cent to USD 35.46 billion in August from USD 29.3 billion in the year-ago month, according to the data released by the commerce ministry.

The trade deficit widened to USD 11.64 billion in the month under review from USD 7.70 billion in August 2016, due to increase in gold imports, which rose by about 69 per cent to USD 1.88 billion in August.

Oil imports grew by 14.22 per cent to USD 7.75 billion in August.

Cumulative exports during April-August of 2017-18 rose by 8.57 per cent to USD 118.57 billion, while imports increased by 26.63 per cent to USD 181.71 billion, leaving a trade deficit of USD 63.14 billion.

"In continuation with the positive growth exhibited by exports for the last twelve months, exports during August have shown growth of 10.29 per cent in dollar terms," the ministry said in a statement.