Cumulatively, the exports were down 1.53 per cent to $133.54 billion in the April-August period, while imports contracted by 5.68 per cent to $206.39 billion
The depressing trends in India’s trade in this financial year continue to hurt its growth story. India’s exports in August dropped by 6.05 per cent to $26.13 billion compared to the August 2018 mark, as per official data released on Friday. In the first five months of this fiscal, the overall exports are down 9 per cent to $15.33 billion. While the government has a reason to smile as yesterday’s data showed a narrowed trade deficit in August to $13.45 billion, the drop in exports flies against Commerce and Industry Minister Piyush Goyal’s statement barely 24 hours earlier, who said "India must bring back 19-20 per cent export growth to become a $5 trillion economy".
The growth in exports hit a 41-month low in June this year, as all major foreign exchange-earners like petroleum oil, gems and jewellery, and engineering goods recorded poor performance. The imports in June hit a 34-month low, recording a 9.06 per cent decline. The overall trade deficit went down by nearly 8 per cent to $15.28 billion in that month, which was a 3-month low. The outbound trade diminished by a worrisome 9.7 per cent in June, after registering a rise of 3.93 per cent in May.
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