The FINANCIAL — India’s exports fell for the ninth month in a row in August, government data show, according to Nasdaq.
Exports fell 20.66% from a year earlier to $21.26 billion, according to data released on September 15 by the Ministry of Commerce and Industry. That’s worse than the 10.30% decline in July.
Imports also declined 9.95% from a year earlier to $33.74 billion in August, as lower global oil prices helped cut the country’s oil import bill by 43%.
The trade deficit narrowed slightly to $12.47 billion from $12.81 billion in July. However, it was wider than the $ 10.66 billion deficit a year earlier, driven by a 140% jump in gold imports to $4.95 billion.
The declining exports underscore the difficulties India’s economy faces as it tries to strengthen a recovery.
Sluggish demand in key global markets such as the U.S. and Europe has hurt Indian exports. China’s recent move to devalue its currency could make its goods more competitive in global markets, further hurting India’s export prospects.
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