Falling for the fourth month in a row, growth in exports declined by 9.7% in August to $22.3 billion due to slowdown in Western markets. Besides reflecting slowdown in the domestic economy, imports, too, dipped by 5% to $38 billion, from $40 billion in August 2011, resulting in a trade deficit of $15.7 billion for the month.
The decline in the country’s shipments comes amid India’s economic growth slipping to a nine-year low of 6.5% in 2011-12, and subdued industrial output in the first two months of the current fiscal.
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