India's exports increased by 44.2% to $24.3 billion in August, while imports rose 41.8% to $38.4 billion, leading to a trade deficit of $14.1 billion, official data showed on Friday.
Although the growth in exports is much above the government's target, it has slowed down significantly when compared to the previous month.
Exports had surged 81.79% to $29.34 billion in July, while imports had grown by 51.52% to $40.42 billion, resulting in the month's trade deficit of $11.08 billion.
Talking to reporters here after releasing the provisional data, commerce secretary Rahul Khullar said the government would help exporters to maintain the growth momentum.
"Something will have to be done," Khullar said.
The cumulative value of exports for the April-August period has increased to $132.64 billion, while imports during the period increased to $189.44 billion, resulting in a trade deficit of $56.79 billion during the first five months of the fiscal.
The commerce secretary said exports growth might slow in the coming months due to the economic uncertainties in the US and in European countries, the major traditional markets for Indian exports.
The commerce secretary said exports growth might slow in the coming months due to the economic uncertainties in the US and in European countries, the major traditional markets for Indian exports.