Exports decline 9.7% in August

Exports declined by 9.7 per cent year-on-year to $22.3 billion in August because of the global economic slowdown.

During April-August, the shipment dipped by about six per cent to $120 billion from $127.6 billion in the same period last year, Commerce Secretary S R Rao told reporters

in New Delhi.

Imports during the month, too, slipped by 5.08 per cent to $38 billion, leaving a trade deficit of $15.7 billion.

During the first five months of the current fiscal, imports contracted by 6.2 per cent to $191.1 billion.

Trade deficit during the period under review stood at $71.1 billion.

"Trade gap is well under control," Rao said.