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Financial News: India's Trade Gap Narrows In June

India's Trade Gap Narrows In June

07/16/2019 - 02:39:00 (RTTNews)

(RTTNews) - India's trade gap narrowed in June despite a fall in exports, data from the Ministry of Commerce and Industry showed Monday.

Exports declined 9.71 percent year-on-year in June. This was the first contraction in nine months and slower than the expected fall of 8.7 percent.

Largely reflecting lower oil prices, imports decreased 9.06 percent on year, which was bigger than the 5 percent fall economists had forecast. Oil imports declined 13.3 percent in June.

The trade deficit narrowed to $15.28 billion in June from $15.4 billion in May. In the same period last year, the shortfall was $16.6 billion.

During April to June, the trade deficit increased to $27.24 billion from $25.75 billion in the previous year. Exports advanced 3.14 percent and imports climbed 3.57 percent.

Looking ahead, a limited exposure to a more protectionist US, as well as low oil prices, will help to keep the trade deficit contained over the coming months, Darren Aw, an economist at Capital Economics, said.

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