August export falls to 2.35 pc at USD 26.95 bn

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SME Times News Bureau | 16 Sep, 2014
India's export growth slipped to 2.35 percent at USD 26.95 billion in August, pushing up trade deficit to USD 10.83 billion, government data showed Monday.

Trade deficit in August narrowed to USD 10.84 billion, from USD 12.23 billion in July, on the back of lower imports recorded during the month, it said.

According to data released in New Delhi by the commerce and industry ministry, the growth of merchandise exports in August at USD 26.96 billion, a 2.35 percent slowdown, as against USD 26.34 billion exported in the same period of the last fiscal.

Imports at USD 37.80 billion grew by 2.08 percent in the month under review, from USD 37.03 billion imported in the corresponding month of last year.

Oil imports during July, 2014 were valued at USD 12.84 billion which was 14.97 percent lower than oil imports in the corresponding period last year at USD 15.1 billion.

This was primarily a result of softening of international crude prices that fell below the USD 100 a barrel mark in August and rupee appreciation against the US Dollar.