India’s Exports dip for 9th month in a row; Decline 20.7% in Aug

Contracting for the ninth straight month, the country’s exports plunged 20.7 per cent in August this year, to 21.3 billion dollars. The export slump was due to the global economic slowdown, and falling commodity prices.

According to Commerce Ministry data, imports declined almost 10 per cent in August, to 33.7 billion dollars. And the trade deficit widened to 12.5 billion dollars in August this year, compared to August last year, but narrowed when compared with July this year.

Gold imports surged 140 per cent during the month under review. Oil imports plunged 42.5 per cent, but non-oil imports rose 7 percent in August. During the first five months of the current fiscal, exports fell 16.2 per cent, while imports declined 11.6 per cent.