India’s Trade Deficit Narrows To $3.15 Billion – Free PDF

what is balance of trade?

• It is the difference between the monetary value of a nation’s exports and imports over a certain time period.

• India’s trade deficit narrowed to $3.15 billion in May from $15.36 billion a year ago.
• Exports in the same month stood at $19.05 billion, while imports were seen at $22.2 billion.
• They have contracted for the third straight month now.
• The trade deficit was at $6.76 billion last month.

• Imports too plunged 51% to $22.2 billion in May,
• Leaving a trade deficit of $3.15 billion, compared to $15.36 billion in the same month previous year,
• According to the data released by the Commerce and Industry Ministry.

Reason

• Oil imports stood at USD 49 billion in May – 71.98% lower compared to USD 12.44 billion in the same month last year.
• Gold imports in May also dipped 98.4% to USD 76.31 million.
• Except for Iron ore, Drugs & pharmaceuticals, Spices and Rice which registered a growth of 103.04%, 17.32%,10.55% and 7.64% respectively,
• All other commodity/commodity groups have registered negative growth in May 2020 vis-a-vis May 2019.

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