India's exports fell 9.74 percent to $22.33 billion (Rs.124,067 crore) for the fourth straight month in August owing to persistent poor demand in the West, government data released Monday showed.
The decline is lower than that of the previous month when the exports contracted by nearly 15 per cent, but it indicates that the government's target of $360 billion in the current fiscal would be difficult to achieve.
In rupee terms, the data showed a 10.76 percent growth due to depreciation over last year, according to the data released by the commerce ministry. In the corresponding month last year, the exports were worth $24.73 billion.
Imports also fell for fourth consecutive month in August to $37.95 billion from $39.98 a year ago, showing a dip of 5.08 percent, reflecting sluggish industrial output and a slowdown in the domestic economy.
For the April-August period, exports declined 5.96 percent to $119.97 billion, compared with $127.58 billion in the corresponding period last year, while cumulative imports fell 6.20 percent to $191.14 billion, compared with $203.79 billion in the year-ago period.
The trade deficit for the April-August period stood at $71.17 billion, against $76.20 in the year-ago period.
Oil imports during August were valued at $12.87 billion which was 2.96 percent higher than oil imports valued at $12.50 billion in the corresponding period last year.
Oil imports during April-August this fiscal were valued at $66.69 billion which was 2.80 percent higher than the oil imports of $64.87 billion in the corresponding period last year.
Non-oil imports during August were estimated at $25.07 billion which was 8.74 percent lower than non-oil imports of $27.47 billion in August last year.
Non-oil imports during April-August this year were valued at $124.45 billion which was 10.41 percent lower than $138.91 billion in corresponding period last year.