Trade deficit narrows on 77 per cent drop in gold imports
Feb 11 2014 , New Delhi
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.