Services exports stood at $38.87 billion, and imports at $21.42 billion [FILE: July 24, 2023] Image: Robert Francis/robertharding/picture allianceIndia's goods trade deficit narrowed unexpectedly to $26.86 billion (€23.28 billion) in August, government data showed on Tuesday, as a sharp drop in gold imports offset a slight decline in exports.
While total imports fell to $70.67 billion from $76.22 billion, gold imports nearly halved to $2.3 billion from $4.16 billion in July.
Meanwhile, crude oil imports rose 25.8% year-on-year to $16.69 billion.
Total goods and services exports rose nearly 25% year-on-year to $82.68 billion, according to the trade ministry.
The US remained the top destination for Indian exports.
Services exports stood at $38.87 billion, and imports at $21.42 billion [FILE: July 24, 2023] Image: Robert Francis/robertharding/picture alliance
India's goods trade deficit narrowed unexpectedly to $26.86 billion (€23.28 billion) in August, government data showed on Tuesday, as a sharp drop in gold imports offset a slight decline in exports.
While total imports fell to $70.67 billion from $76.22 billion, gold imports nearly halved to $2.3 billion from $4.16 billion in July.
In recent weeks, Prime Minister Narendra Modi had renewed calls for Indians to avoid buying gold unless necessary and postpone non-essential foreign travel, as he promotes self-reliance amid global disruptions to trade, energy markets and supply chains following the Iran war.
Meanwhile, crude oil imports rose 25.8% year-on-year to $16.69 billion.
Total goods and services exports rose nearly 25% year-on-year to $82.68 billion, according to the trade ministry.
The US remained the top destination for Indian exports.
