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India’s merchandise exports for August grew 44.2 per cent to reach $24.3 billion while imports increased 41.8 per cent to $ 38.4 billion.
The trade deficit stands at $14.1 billion, Mr Rahul Khullar, Secretary, Commerce and Industry, told reporters on Friday.
Export of onions would be banned with immediate effect in view of the rising prices of the commodity.
Export of non-basmati rice and wheat, which was banned for the past four years, has been lifted and the commodities are placed on the Open General Licence. A notification confirming the same would be issued on Friday, he said.
When items are placed on OGL, they are free to be exported with no quantitative restrictions, quota or licence requirements. Cotton is also on its way to being placed on OGL from October 1 till the end of the season, he said.
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