Export growth drops to 60 Per cent while Government wish 20% growth for $5 trillion economy

India’s exports in August have dropped by 6.05 per cent to $26.13 billion in comparison to the August 2018 mark as per the official data released on Friday. This means that in first 5 months of this fiscal, overall exports are down 9 per cent to $15.33 billion.

While the government has a reason to smile as Friday’s data showed a narrowed trade deficit in August to $13.45 billion, the drop in exports flies against Commerce and Industry Minister Piyush Goyal’s statement, barely 24 hours earlier.

The minister had set a target by stating “India must bring back 19-20 per cent export growth to become a $5 trillion economy”.

The growth in exports had hit a 41-month low in June this year as all major foreign exchange earners such as petroleum oil, gems and jewellery, and engineering goods recorded a poor performance.

The imports in the same month had hit a 34-month low by a fall of 9.06 per cent. The trade deficit had gone down by nearly 8 % to $15.28 billion in June, which was a three-month low.

Outbound trade in June had diminished by a worrisome 9.7 % after registering a rise of 3.93 per cent in May 2019.

In August, the oil imports had shrunk by 8.9 per cent to $10.88 billion while the non-oil imports were down by 15 % to $28.71 billion. A negative growth has been registered in the exports of gems and jewellery, and the engineering goods.

Cumulatively, during April-August 2019, exports were down 1.53 % to $133.54 billion, while imports contracted by 5.68 %  to $206.39 billion. Despite the nearing festival season, the gold imports have plunged 62.49 % to $1.36 billion in August 2019.

 

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