India's Exports Fall Over 6% In August, Imports Drop Over 13%; Trade Deficit Narrows

According to the data furnished by the Ministry of Commerce and Industry, August exports went down to $26.13 billion from $27.81 billion reported in the corresponding period of the previous year.

Non-oil and non-gold imports declined by 9.33 per cent to $27.34 billion. (File Photo/ Getty)

New Delhi: India's merchandise exports declined 6.05 per cent in August on a year-on-year basis. According to the data furnished by the Ministry of Commerce and Industry, August exports went down to $26.13 billion from $27.81 billion reported in the corresponding period of the previous year. However, on a sequential basis, exports during the month under review was marginally lower from $26.33 billion worth of merchandises that were shipped out in July 2019. "Non-petroleum and non-gems and jewellery exports in August 2019 were $19.60 billion, as compared to $20.76 billion in August 2018, exhibiting a negative growth of 5.61 per cent," the ministry said in a statement. On the other hand, imports declined by 13.45 per cent to $39.58 billion in August from $45.73 billion reported for the corresponding month of 2018. "Oil imports in August 2019 were $10.88 billion, which was 8.90 per cent lower in dollar terms, compared to $11.94 billion in August 2018," the ministry said. "Non-oil imports in August 2019 were estimated at $28.71 billion, which was 15.05 per cent lower in dollar terms, compared to $33.79 billion in August 2018," it added. According to the ministry data, non-oil and non-gold imports declined by 9.33 per cent to $27.34 billion in August from $30.15 billion in the corresponding year of the previous year.