India’s August exports decline over 20 percent

New Delhi, Sep 15 (IANS) India’s merchandise exports declined further for the ninth straight month in August to $21.27 billion, 20.66 percent lower than the $26.80 billion worth shipped in the same month of last year, official data showed on Tuesday.

According to the data furnished by the commerce and industry ministry, imports during the month under review fell by 9.55 percent at $33.74 billion.

Trade deficit during August rose on a year-on-year basis and stood at $12.48 billion, as compared to $10.67 billion in the corresponding month of last year.

Cumulative exports for the period April-August 2015-16 at $111.09 billion registered a 16.17 percent decline over last year’s corresponding period at $132.53 billion, continuing the declining trend for month, caused by the global economic slowdown, fall in crude oil prices and appreciation of the rupee.

Oil imports in August at $7.36 billion dropped over 42 percent over the same month last year at $12.81 billion, owing to plunging crude prices.

Instead, non-oil imports at $26.38 billion were higher over August of last year by 7.01 percent.

India posted exports of $310.5 billion in 2014-15, that fell short of the fiscal’s export target of $340 billion.

Leave a Reply

Please enter your comment!

The opinions, views, and thoughts expressed by the readers and those providing comments are theirs alone and do not reflect the opinions of www.mangalorean.com or any employee thereof. www.mangalorean.com is not responsible for the accuracy of any of the information supplied by the readers. Responsibility for the content of comments belongs to the commenter alone.  

We request the readers to refrain from posting defamatory, inflammatory comments and not indulge in personal attacks. However, it is obligatory on the part of www.mangalorean.com to provide the IP address and other details of senders of such comments to the concerned authorities upon their request.

Hence we request all our readers to help us to delete comments that do not follow these guidelines by informing us at  info@mangalorean.com. Lets work together to keep the comments clean and worthful, thereby make a difference in the community.

Please enter your name here