In November, trade deficit was $16.67 billion.New Delhi:Trade deficit narrowed to $13.08 billion in December, lowest in 10 months, due to a fall in gold imports, trade ministry said in a statement on Tuesday.
In November, trade deficit was $16.67 billion.In December, merchandise exports rose 0.34 per cent from a year earlier to $27.93 billion, while imports fell 2.44 per cent to $41.01 billion, data showed."There is virtually no growth in merchandise exports," said Ravi Sehgal, head of Engineering Export Promotion Council, adding that US-China trade tensions and global slowdown had started biting shipments.He said exports of engineering goods, estimated to contribute more than one fifth of total exports, had fallen by more than 3 per cent in December from same period in previous year."This is a matter of grave concern," Mr Sehgal said.Gold imports declined by 24.33 per cent to $2.56 billion in December last year as against $3.39 billion in same month of 2017, news agency Press Trust of India reported.