India's exports contracted for the sixth consecutive month in August, dragged down by a decline in shipments of petroleum, leather, engineering goods, and gems & jewellery, while imports tumbled by 26% during the month.
Exports in August were $22.7 billion, compared to nearly $26 billion a year ago, which was a decline of 12.7%. Imports fell by 26% to almost $30 billion in August, resulting in a trade deficit of $6.8 billion. Oil imports declined by about 42% to $6.4 billion during August.
Gold imports shot up to $3.7 billion in August compared to $1.4 billion in the same month last year. During April to August, exports contracted by nearly 27% to around $98 billion, while imports fell almost 44% to $118 billion.