India August exports fall 12.7%; imports down 26%

SINGAPORE (ICIS)–India’s total exports extended their double-digit declines, falling 12.7% year on year in August to $22.7bn, while imports fell a steeper 26.0% to $29.5bn, official data showed.

The country’s exports of man-made yarn/fabrics/made-ups declined by 24.2%, while those of organic and inorganic chemicals fell 4.7%, data from India’s Ministry of Commerce showed.

For imports, the decline was led by a much weaker intake of petroleum, crude & products, which registered a 41.6% year-on-year contraction in August to $6.4bn.

For the five months from April, total exports fell 19.3% to $182.1bn, with merchandise exports down 26.7% at $97.7bn.

Total imports for the period declined 38% to $167.9bn, with merchandise imports slumping 43.7% to $118.4bn.

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