India's August goods trade deficit narrows as gold imports plunge
NEW DELHI: India’s goods trade deficit unexpectedly narrowed to $26.86 billion in August, government data showed on Tuesday, as imports, particularly of gold, fell sharply to make up for a slip in exports from the previous month. The fall in the import bill coincided with an intensifying U.S.-Iran conflict, disrupting oil supplies and shipping, adding to inflation risks in India, the world’s…
India's goods trade deficit narrowed to $26.86 billion in August, as imports, particularly gold, fell sharply, helping to offset a decline in exports. This comes amidst the intensifying U.S.-Iran conflict, which has disrupted oil supplies and shipping, adding to inflation risks in India, the third-largest oil importer and Asia's third-largest economy.
New strikes on Saudi Arabia and ships in the Gulf have further heightened concerns in the Middle East. The country's crude basket averaged $90.19 a barrel in August, up from $82.04 in July, and has climbed to $109.76 so far in September.
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