Indias exports fell significantly for the fourth month in August by 9.7 per cent as slump in global demand and a weak recovery in major export destinations like the euro zone and the US continue to adversely impact the outbound shipments. Exports stood at $22.3 billion in August as against $24.7 billion during the same period a year ago.
Experts said it is time the government improves transaction cost and finds further new markets to improve the exports situation in the country.
Imports during August fell 5.08 per cent at $38 billion as against $40 billion during the same period a year ago,leaving a trade deficit of $15.7 billion during the month. Balance of trade stood at $15.3 billion during the year ago period.
During the month,the sectors which performed a dismally include engineering exports at $4.6 billion,petroleum products at $4 billion,gems and jewellery at $3.4 billion,drugs and pharmaceuticals at $1.2 billion,and readymade garments at $0.9 billion.
Biswajit Dhar,director general of RIS,said,The slowdown is mainly in industrialised economies. The developing economies are still performing. So it is worrying why we have not been able to perform better. We need to find new markets and improve transaction cost to improve exports situation.