Imports, exports fall in August, trade deficit at $15.7 billion

New Delhi: India's annual exports fell 9.7 per cent to $22.3 billion in August, while imports fell about 5.1 per cent to $38 billion, leaving a trade deficit of $15.7 billion, a trade ministry official told reporters on Thursday, citing provisional trade data.

Trade deficit in the July stood at $15.5 billion.

After strong growth for much of last year, India's overseas sales have slumped, with officials blaming weak demand in major export destinations like the US and Europe.

Paltry exports have added to India's economic gloom, with growth close to its weakest levels in three years.

Exports have fallen from year-ago levels in five of the last six months. Exports between April and August were $120 billion, the official added. Oil imports for the month stood at $12.8 billion.

Source :  profit.ndtv.com