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Wednesday, September 23, 2020

Exports shrink for 6th mth in a row on falling shipments of petroleum, gems & jewellery

The drop was majorly on the back of decline in shipments of products like petroleum, gems and jewellery, garments and fabrics, leather goods, electronic and engineering goods.

By: ENS Economic Bureau | New Delhi | September 16, 2020 3:01:25 am
Imports, too, dropped 26.04 per cent to $29.47 billion in July from the same period last year, narrowing the country’s trade deficit to $6.77 billion from $13.86 billion in August 2019. (File)

THE NATION’s merchandise exports continued on its trajectory of decline for the sixth consecutive month in August, dropping 12.66 per cent to $22.70 billion last month, according to Commerce Ministry data. The drop was majorly on the back of decline in shipments of products like petroleum, gems and jewellery, garments and fabrics, leather goods, electronic and engineering goods.

Imports, too, dropped 26.04 per cent to $29.47 billion in July from the same period last year, narrowing the country’s trade deficit to $6.77 billion from $13.86 billion in August 2019. Petroleum and crude imports declined 41.62 per cent to $6.42 billion, while gold imports increased 171.27 per cent to $3.70 billion — the only product in the import category to see triple digit growth.

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