Exports decline 9.74 per cent in August

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

During April-August, the shipment dipped by 5.96 per cent to $119.97 billion from $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 $37.9 billion, leaving a trade deficit of $15.7 billion.

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

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

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

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

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