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Business EconomyPosted at: Sep 13 2019 10:30PM


Exports decline by 6 per cent to USD 26 bn, imports down by 13 per cent to USD 39.6 bn

New Delhi, Sep 13 (UNI) India's exports dropped by 6.05 per cent to USD 26.13 billion in August compared to the same month last year, according to official data on Friday.
Exports in August 2019 were USD26.13 billion, as compared to USD27.81 billion in August 2018, exhibiting a negative growth of 6.05 per cent.
The trade deficit for merchandise for August 2019 was estimated at USD13.45 billion as against the deficit of USD17.92 billion in August 2018, said the Ministry of Commerce and Industry.
Imports in August 2019 were USD39.58 billion, which was 13.45 per cent lower over imports of USD45.73 billion in August 2018
Non-petroleum and Non Gems and Jewellery exports in August 2019 were USD19.60 billion, as compared to USD20.76 billion in August 2018, exhibiting a negative growth of 5.61 per cent.
Oil imports in August 2019 were USD10.88 billion, which was 8.90 per cent lower compared to USD11.94 billion in August 2018.
Non-oil imports in August 2019 were estimated at USD 28.71 billion which was 15.05 per cent lower compared to USD 33.79 billion in August 2018.
India’s overall exports (Merchandise and Services combined) in April-August 2019-20 are estimated to be USD 227.36 billion, exhibiting a positive growth of 3.20 per cent over the same period last year.
As per RBI, the trade balance in Services for July, 2019 is estimated at USD 6.26 billion.
Overall imports in April-August 2019-20 are estimated to be USD 268.24billion, exhibiting a negative growth of 1.18per cent over the same period last year.
Reacting to the sliding merchandise exports growth of -6.05 percent of USD 26.13 billion during August 2019, FIEO President Sharad Kumar Saraf said that such a contraction in exports is a reflection of uncertainties, sluggish global demand and rising tariff war.
The softening of crude, steel and other commodities prices also pulled down exports. FIEO Chief was of the view that US-China Trade war, Brexit and developments in Iran further aggravated the problem of the world economy. The uncertainty attached has also affected the flow of investment and added to currency volatility.
Engineering Export Promotion Council (EEPC) India Chairman Ravi Sehgal said, ''A big drop of over 6 per cent in merchandise exports in August is of great concern. Global slowdown is biting our exports. We need to fix issues like high raw material costs mainly of steel. Import curbs on essential steel are making things difficult for Indian exports.''
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Tags: #Exports decline by 6 per cent to USD 26 bn# imports down by 13 per cent to USD 39.6 bn
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