Exports fall sharply, trade deficit at $ 6.77 billion

Sep 16 2020 11:17 AM
Exports fall sharply, trade deficit at $ 6.77 billion

India's exports have registered a significant decline in August. Exports fell by 12.66 per cent in August. This brought the country's exports down to $ 22.7 billion in August. India's exports have registered a sixth consecutive month of decline. This decrease in India's exports in August came due to a decrease in shipments of petroleum, leather, engineering goods, gems and jewellery etc. This news has been revealed by the government data on Tuesday.

A decline in India's imports has also been filed in August. Imports declined by 26 per cent in August, to $ 29.47 billion. Thus, India has a business loss of $ 6.77 billion in August. According to the data, it stood at $ 13.86 billion in the year-ago period.

In July 2020, oil imports fell by 41.62 per cent to $ 6.42 billion. Gold imports increased to $ 3.7 billion in August. It stood at $ 1.36 billion in August 2019. During April to August, exports decreased by 26.65 per cent and it was $ 97.66 billion. Imports at the same time decreased by 43.73 per cent to $ 118.38 billion. Thus, between April and August, India's trade deficit stood at $ 20.72 billion. With this, there has been a huge loss in the trade this year, and this can have an impact on the country's economy. There has been a lot of damage for 6 consecutive months.

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