Exports down 9.7 in Aug on slowdown

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.