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.
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.