Prime reason for the fall was the sharp fall in imports, particularly non oil imports. Non oil imports fell to $24.5 billion. Exports on the other hand also saw a slowdown to $25.68 billion, as against $26.75 billion.
Today's fall in the trade deficit is likely to augur well for the current account deficit which is likely to fall further.
What is Trade deficit?
Trade deficit is an economic indicator accounting for an increase in the imports of an economy when compared to its exports in monetary terms. Read more on trade deficit here