Exports decline 9.74 per cent in August

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Exports declined by 9.74 per cent year-on-year to USD 22.3 billion in August due to the global economic slowdown.

During April-August, the shipment dipped by 5.96 per cent to USD 119.97 billion from USD 127.5 billion in the same period last year, according to data released by Commerce Ministry on Monday.

Imports during the month, too, slipped by 5.08 per cent to USD 37.9 billion, leaving a trade deficit of USD 15.7 billion.

During the first five months of the current fiscal, imports contracted by 6.2 per cent to USD 191.1 billion, with the trade deficit at USD 71 billion during this period.

Oil imports during August was 2.96 per cent higher at USD 12.88 billion, compared to USD 12.51 billion in the year-ago period.

Oil imports during April-August was valued at USD 66.7 billion, up 2.80 per cent as against USD 64.88 billion in the corresponding period last year.

Meanwhile, non-oil imports during August, were estimated at USD 25.1 million, down 8.74 per cent from last year.

Non-oil imports during April-August, stood at USD 124.46 billion, 10.41 per cent lower as compared to the same period last year when it stood at USD 138.92 billion.