JOC Staff | Sep 14, 2012 9:23AM EDT
India’s exports shrank for the fourth consecutive month in August on a year-over-year basis, falling 9.7 percent to $22.3 billion, according to preliminary figures released by the Commerce Ministry on Thursday.
Exports fell 4.16 percent in May, 5.4 percent in June and 14.8 percent in July over the corresponding months in 2011.
Total exports from April through August, the first five months of fiscal 2012-13, declined 6 percent to $120 billion from $127.6 billion a year earlier.
"Compared to our export performance in July, there is a slight ray of hope. There is a slight improvement in August. I hope this will give us some confidence that we can make up," a ministry official said in New Delhi, releasing the latest provisional data.
Imports for August slipped 5 percent to $38 billion year-on-year, leaving a trade deficit of $15.7 billion.
Total imports during April to August dropped 6.2 percent to $191.1 billion, and the trade gap for the first five months was estimated at $71.1 billion, down from $76.2 billion a year earlier.
“Although the European market is not recovering, there is a hope that the U.S. market will stabilise. We are doing good in Africa and we need to do much more,” the official said.
Despite the slowing global economy, India’s exports jumped 21 percent year-over-year to $303.7 billion in fiscal 2011-12, which ended March 31.
