August exports decline by 9.7 percent

September 13th, 2012 - 9:54 pm ICT by IANS  

New Delhi, Sep 13 (IANS) The government Thursday said India’s exports during August 2012 declined by 9.7 percent and stood at $22.3 billion from $24.7 billion in the corresponding month of last year.

“During August 2012, the imports were $38 billion as compared to $40 billion in August 2011 registering a decline of 5.08 percent,” the commerce ministry said in a statement.

According to the statement, the balance of trade, which is the difference between income earned through exports and the payments made for imports, stood at $15.7 billion in the month under review as against $15.3 billion in the corresponding period of last year.

The main export-earning sectors during the month under review were engineering at $4.6 billion, followed by petroleum products at $4.00 billion, gems and jewellery at $3.4 billion, drugs and pharmaceuticals $1.2 billion, ready made garments at $0.9 billion.

Top importing sectors during last month were crude petroleum at $12.8 billion, followed by gold and silver at $2.6 billion, machinery at $2.67 billion, electronic goods at $2.62 billion and coal $1.7 billion.

Cumulatively for the period of April-August, 2012 the country’s exports stood around $120 billion from $127.6 billion in April-August, 2011.

“The cumulative imports for April-August 2012 stood at $191.1 billion as compared to $203.8 billion in April-August 2011.”

The balance of trade for the period of April-August, 2012 declined to $71.1 billion from $76.2 billion in the corresponding period of last fiscal.

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