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Exports fall 12.66% in August; trade deficit narrows

Sep 16, 2020 11:36 IST

Contracting for the sixth straight month, India's exports slipped 12.66% year-on-year to $22.7 billion in August, as per the government data released on Tuesday. This was worse than 10.21%contraction in July and 12.41% in June. Imports too declined 26% to $29.47 billion in August, leaving a trade deficit of $6.77 billion, compared to a shortfall of $13.86 billion in the same month last year. The deficit was $4.83 billion in July. Major export commodities that have recorded negative growth during August include petroleum products (-40%), gems and jewellery (-43.28%), leather (-16.82%), etc. Sectors with positive growth during the month include rice, coffee, tobacco, iron ore, oil seeds, oil meals, meat, dairy, pharmaceuticals, and plastic.

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