Exports decline 6% in August

India's exports dropped by 6.05 per cent to USD 26.13 billion in August mainly on account of significant dip in shipments from key sectors such as petroleum, engineering, leather, and gems & jewellery.

Imports too declined by 13.45 per cent to USD 39.58 billion, narrowing trade deficit to USD 13.45 billion in August, according to the government data released on Friday.

The imports during the month slipped the most after August 2016, when it had contracted by 14 per cent.

The trade deficit stood at USD 17.92 billion in August 2018.

Out of 30 key sectors, as many as 22 showed negative growth in August. Shipments of gems and jewellery, engineering goods, and petroleum products contracted by 3.5 per cent, 9.35 per cent and 10.73 per cent, respectively.

The sectors which recorded positive growth in the last month include iron ore, electronic goods, spices, and marine products.