Export growth falls 20.6% in August; imports shrink 9.95%

Export growth falls 20.6% in August; imports shrink 9.95%
Posted by
Story Dated : September 15, 2015

New Delhi: Export growth plunged 20.66 per cent in August 2015 to $ 21.26 billion (year-on-year)-the ninth straight month of fall-as major items including petroleum products, engineering goods, electronics, leather products and readymade garments took a beating.

Imports fell 9.95 per cent during the month to $ 33.74 billion with a decline in imports of petroleum, project goods, chemicals, plastics, coal & coke and pearls and precious stones declined. Gold imports increased 140 per cent to $ 4.95 billion in August 2015 compared to the previous August.

Trade deficit in August 2015 was $ 12.47 billion compared to $ 10.66 billion last August, as per quick estimates released by the Commerce Ministry on Tuesday.

Exports during April-August 2015-16 were $111.09 billion, which was 16.7 per cent lower than exports during the comparable period of the previous fiscal.

Imports in the first five months of the fiscal were $ 168.61 billion, lower by 11.61 per cent compared to imports in the same period of 2014-15.

Trade deficit in the April-August 2015-16 was $ 57.51 billion, lower than a deficit of $ 58.21 billion in the same period last fiscal.

Oil imports, during August, 2015, were 42.59 per cent lower at $ 7.35 billion, while non-oil imports were 7 per cent higher at $26.38 billion.