At $17.4 billion, India’s trade deficit in August has eased from a a near five-year high of $18.02 billion in July. Photo: Mint

India’s trade deficit at $17.4 billion in August as imports, exports rise

India's exports rose 19.21% to $27.84 billion and imports 25.41% to $45.24 billion due to healthy performance of the petroleum sector and costlier crude, respectively

New Delhi: India’s exports grew 19.21% to $27.84 billion in August due to healthy performance by sectors such as petroleum.

“Export trade during August 2018 recorded at $27.84 billion, a positive growth of 19.21%. Exports excluding petroleum also reported a positive growth of 17.43%," Commerce and Industry Minister Suresh Prabhu said in a tweet.

Merchandise imports, too, rose 25.41% to $45.24 billion last month due to rising crude oil prices, leaving a trade deficit of $17.4 billion. In July, trade deficit soared to a near five-year high of $18.02 billion.

During April-August of the current fiscal, exports recorded a growth of 16.13%, while imports during the first five months grew 17.34%.