Exports fall 12.66% in August; commerce deficit narrows to $6.77 billion

NEW DELHI: Contracting for the sixth straight month, India’s exports slipped 12.66 per cent to $22.7 billion in August, on account of decline within the shipments of petroleum, leather-based, engineering items and gems and jewelry objects, in accordance with the federal government information launched on Tuesday.
The nation’s imports too declined 26 per cent to $29.47 billion in August, leaving a commerce deficit of $6.77 billion, in comparison with a shortfall of $13.86 billion in the identical month final 12 months, as per the information.
Oil imports declined by 41.62 per cent to $6.42 billion within the month underneath overview.
Gold imports jumped to $3.7 billion in August this 12 months as towards $1.36 billion in August 2019.
In the course of the April-August interval, exports declined by 26.65 per cent to $97.66 billion, whereas imports fell 43.73 per cent to $118.38 billion.
Commerce deficit in the course of the interval stood at $20.72 billion.

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