India's exports fell 6.05 percent to $ 26.13 billion in August

(PTI) New Delhi, Ta. September 13, 2019, Friday

Exports of petroleum, engineering, leather, gems and jewelery declined 6.05 percent to $ 26.13 billion in August. However, imports also fell by 13.45 percent to $ 39.58 billion. The trade deficit is $ 13.45 billion.

Imports are down 13.45 percent since August 2016. Imports were down 14 percent in August, 2016. The trade deficit in August 2018 was $ 17.92 billion.

In terms of exports, 22 out of 30 sectors have seen negative growth. Exports of gems and jewelery declined by 3.5 per cent, engineering goods by 9.35 per cent and petroleum products by 10.73 per cent.

However, exports of Aryan ore, electronic items, spices and marine products have seen a rise in August. It is worth mentioning that the impact of slow economic growth is also witnessing on exports.

It is worth mentioning that in the first quarter of the current financial year from April to June, the GDP fell by five percent. Which is a low growth rate of the last six years. On the other hand, the growth rate of industrial production also fell to 4.3 per cent in July due to the poor performance of the manufacturing sector.

It is worth mentioning that yesterday, Commerce Minister Piyush Goyal said that India would have to increase its exports to one trillion dollars in the next five years. For this, domestic production will have to increase and competition will increase. Oil imports fell 8.9 percent to $ 10.88 billion in August and imports of non-oil items dropped 15 percent to $ 28.71 billion.

During April-August 2019, exports fell 1.53 percent to $ 133.54 billion. Imports fell 5.68 percent to $ 206.39 billion.

Gold imports fell 62.49 percent to $ 1.36 billion in August. Exporters are awaiting encouraging action from the government after export figures are released.

However, Council for Leather Exports (CLE) Chairman Panaruna Akil Ahmed has said that the decline in exports is temporary and exports will see an increase in the coming months.