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Anand Rathi Report
While non-oil exports growth was flat, up a mere 0.1% YoY, contraction in oil exports deepened to 37.6% YoY, leading to overall goods exports falling 9.3%.
On the import front, oil imports contracted while non-oil imports continued to expand, leading to overall goods imports expanding 3.3%.
Hence, the deficit in goods trade hit a ten-month high of $29.7 billion. In the first four months, the cumulative trade deficit was 17.6% higher than the corresponding period last year as imports grew faster than exports.
Notably, gold imports expanded 78% in August 2024, probably on account of the cut in customs duties.
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