Exports down 21 pc to USD 21 bn in August

Country's merchandise exports declined further for the ninth straight month in August to USD 21.27 billion, 20.66 percent lower than the USD 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 USD 33.74 billion. Trade deficit during August rose on a year-on-year basis and stood at USD 12.48 billion, as compared to USD 10.67 billion in the corresponding month of last year. Cumulative exports for the period April-August 2015-16 at USD 111.09 billion registered a 16.17 percent decline over last year's corresponding period at USD 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 USD 7.36 billion dropped over 42 percent over the same month last year at USD 12.81 billion, owing to plunging crude prices. Instead, non-oil imports at USD 26.38 billion were higher over August of last year by 7.01 percent. India posted exports of USD 310.5 billion in 2014-15, that fell short of the fiscal's export target of USD 340 billion. Source: SME Times


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