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Exports drop 6% to $26.13 bn in August; trade deficit narrows to $13.45 bn

India’s exports dropped by 6.05 per cent to $26.13 billion in August compared to the year-ago month, official data released on Friday showed.

Imports too declined by 13.45 per cent to $39.58 billion, narrowing trade deficit to $13.45 billion in August. The deficit was $17.92 billion in August a year ago.

Export sectors that recorded positive growth in the last month include iron ore, electronic goods, spices, and marine products.

Shipments of gems and jewellery, engineering goods, petroleum products recorded negative growth, according to the data

Oil imports declined by 8.9 per cent to $10.88 billion, and non-oil imports fell by 15 per cent to $28.71 billion.

Cumulatively, during April-August 2019, exports were down 1.53 per cent to $133.54 billion while imports contracted by 5.68 per cent to $206.39 billion.

Gold imports plunged 62.49 per cent to $1.36 billion in August.

Source: Business Standard