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Gold exports rose to a two-year high of 13% in August while import dips
Posted on: 11/Sep/2013 4:06:38 PM
Gold imports, which have been pushing the current account deficit — dollar difference between the inflows and outflows rose to a two-year high of 13% in August, mainly due to the improved global situation, enabling the trade deficit to fall to a four-month low of $11 billion. While exports rose 13% in August, imports declined 0.7% $37 billion. Oil imports rose 17.9% to $15 billion. Things are improving in Europe and the US. So signs of stability in the major economies including the UK and the positive growth in the US will lead to increase in demand.
The commerce ministry is also working on ways to contain imports of non-essential goods.
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