Trade deficit narrows on 77 per cent drop in gold imports

Tags: News
India's trade deficit narrowed in January, helped by a 77 percent drop in imports of gold and silver while exports ticked up, improving the outlook for the country's fragile current account balance.

The trade ministry said it had recommended easing curbs on gold imports, prompted by the brighter trade picture.

The trade deficit stood at $9.92 billion last month compared with $10.14 billion in December, a trade ministry official said on Tuesday.

Merchandise exports rose 3.79 percent year-on-year to $26.75 billion, compared with a 3.5 percent annual growth in December.

Imports fell 18.07 percent year-on-year to $36.57 billion led by a 77 percent drop in gold and silver imports on the year.

India expects to keep the current account deficit down under $50 billion in the fiscal year to March 2014. The shortfall was a record $87.8 billion in the previous 12-month period which had precipitated a record fall in the value of the rupee against the dollar last summer.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • The budget is sound in logic; the market is too clever by half

    For a man derided by former finance minister P Chidambaram for his knowledge of economics as only sufficient to be scribbled on the back of a postage

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Arun Nigavekar

Why higher education needs innovation

India is such a great country that it creates complexity ...

Zehra Naqvi

We must overcome the fear of death

It is the biggest irony that the only thing that’s ...

Dharmendra Khandal

Jawai leopards and locals can coexist peacefully

At first glance, the Jawai landscape seems like a large ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture