Slump in August merchandise exports
India's merchandise exports in August ...
India's merchandise exports in August slumped by over 12 per cent on a year-on-year basis, official data showed in September. 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.