India’s Trade Deficit Widens In August As Exports Contract Further
The Hyundai Force container ship sits docked at the Jawaharlal Nehru Port, operated by Jawaharlal Nehru Port Trust (JNPT), in Navi Mumbai, Maharashtra, India, on Saturday, Dec. 16, 2017. Photographer: Dhiraj Singh/Bloomberg

India’s Trade Deficit Widens In August As Exports Contract Further

India’s trade deficit widened in August as a rebound in exports flattened out and imports rose sequentially led by higher shipments of gold.

The trade deficit stood at $6.77 billion compared to a deficit of $4.83 billion in July 2020, according to data from the Department of Commerce on Sept. 15.

  • Merchandise exports contracted by 12.66% year-on-year to $22.7 billion in August, compared to a contraction of 10.21% in July.
  • Merchandise imports contracted by 26.04% to $29.47 billion in August, compared to a contraction of 28.4% last month.
  • Non-oil, non-gold imports fell 29.61% to $19.35 billion in August 2020, from 29.15% last month.

Key Export Items

  • Gems and jewellery contracted by 43.28% in August on an annual basis.
  • Drugs and pharmaceuticals grew by 17.27%.
  • Organic and inorganic chemicals contracted by 4.71%.
  • Engineering goods contracted by 7.69%.
  • Electronic goods contracted by 13.84%.
  • Textiles exports contracted by 14%.
  • Petroleum products contracted by 39.9%.

Key Import Items

  • Coal, coke and briquettes contracted by 37.83%.
  • Petroleum, crude oil and other products contracted by 41.62%.
  • Organic and inorganic chemicals contracted by 18.36%.
  • Pearls, precious and semi-precious stones contracted by 23.68%.
  • Electrical and non-electrical machinery contracted by 41.58%.
  • Electronic goods contracted by 11.67%.
  • Gold rose by 171.27%.
BQ Install

Bloomberg Quint

Add BloombergQuint App to Home screen.