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.

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