India's trade gap narrows to $24.16 billion

India's merchandise trade deficit narrowed in August, standing at $24.16 billion compared to $24.86 billion in the same month last year, marking a 2.8 percent decrease, according to Commerce Secretary Sunil Barthwal. Government data revealed that merchandise exports for the month reached $34.48 billion, while imports were $58.64 billion.

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However, when compared to last year, exports were down from $37.02 billion. Barthwal attributed the decline in exports partly to lower petroleum prices and noted that exports to the US also fell year-on-year. On a more positive note, sectors such as engineering goods and electronic goods showed growth, he said.

The Commerce Secretary of India, Sunil Barthwal, announced on September 15 that India's merchandise trade deficit for August had narrowed to $24.16 billion, a decrease of 2.8 percent compared to the same month last year when it stood at $24.86 billion. The country's merchandise exports for August reached $34.48 billion, while imports amounted to $58.64 billion, according to government data.