India’s August merchandise exports slump by over 12%

New Delhi, Sep 15 (SocialNews.XYZ) India's merchandise exports in August slumped by over 12 per cent on a year-on-year basis, official data showed on Tuesday.

The country shipped out merchandise worth $22.70 billion in the month against $25.99 billion exported during the like period of the previous year.

The data showed that the contraction caused by the Covid-19 pandemic widened during August at (-) 12.66 per cent from (-) 10.12 per cent in July and (-) 12.41 per cent in June.

In terms of sequential movement, the country's merchandise exports in July stood at $23.64 billion.

"Non-petroleum and non-gems and jewellery exports in August 2020 were $18.95 billion, as compared to $19.57 billion in August 2019, registering a negative growth of (-) 3.17 per cent," the Ministry of Commerce and Industry said in a statement.

Similarly, India's imports declined, falling by (-) 26.04 per cent to $29.47 billion in August from $39.85 billion reported for the corresponding month of 2019.

In July, imports declined by (-) 28.40 per cent to $28.47 billion in July from $39.76 billion reported for the corresponding month of 2019.

"Oil imports in August 2020 were $6.42 billion which was 41.62 per cent lower in Dollar terms compared to $11.00 billion in August 2019," the statement said.

"Non-oil imports in August 2020 were estimated at $23.05 billion which was 20.10 per cent lower in Dollar terms compared to $28.85 billion in August 2019."

Besides, the non-oil and non-gold imports were $19.35 billion in August 2020 , recording a negative growth of (-) 29.61 per cent, as compared to non-oil and non-gold imports of $27.49 billion in August 2019.

Consequently, India's trade deficit narrowed to $6.77 billion on a year-on-year basis in August from $13.86 billion reported for the corresponding month of last year.

The trade deficit had narrowed to $4.83 billion on a year-on-year basis in July from $13.43 billion reported for the like period of 2019.

Source: IANS