Exports drop 10% in August
India's exports in August dropped by 9.7% to $22.3 billion compared to the same month in the previous fiscal due to economic uncertainties in the euro zone and the US.business Updated: Oct 01, 2012 20:55 IST
India's exports in August dropped by 9.7% to $22.3 billion compared to the same month in the previous fiscal due to economic uncertainties in the euro zone and the US.
During the April to August period, exports dropped by 6.0% to $120 billion from $127.5 billion in the corresponding period last year, data released by the commerce ministry revealed on Monday.
Analysts said that it maybe difficult for India to achieve the $360 billion export target set for in the current fiscal.
"It does not look like exports would pick up in the near future too as euro zone continues to remain weak and we may miss the set target for the current financial year," said DK Joshi, chief economist, Crisil.
Imports too declined by 5.1% to $38 billion in August from $40 billion registered in the corresponding month in the previous year, leading to a trade deficit of $15.7 billion for the month.
In the first five months of the current fiscal, imports contracted by 6.2% $191.1 billion.
Oil imports in August was 3% higher at $12.9 billion against $12.5 billion in the same month last year, thanks to the weakening rupee. Oil imports during the April-August period was estimated at $66.7 billion, an increase of 2.8% compared to $64.9 billion in the corresponding period last year.