Exports dip 9.71% after gap of eight months

India's exports have entered negative zone after a gap of eight months recording a decline of 9.71 per cent to USD 25.01 billion in June, according to the government data.

Imports also declined 9 per cent to USD 40.29 billion in June mainly due to falling prices of petroleum products, leaving a trade deficit of USD 15.28 billion.

It was USD 16.6 billion in June last year.

Last time, it was in September 2018, when exports contracted by 2.15 per cent.

Exports were down on account of fall in shipments of gems and jewellery, engineering goods, petroleum products, plastic, handicrafts, ready-made garments of all textiles, chemicals, leather, and marine products, oil meals and oil seeds.

Commenting on the figure, Commerce Secretary Anup Wadhawan said "the decline in exports in June is due in large part to a base effect of an extraordinarily good month in June 2018".

In June last year, the outbound shipments were USD 27.7 billion.

He said the negative growth is also consistent with certain global trends, which have impacted exports in recent months.

(Agencies)