Amid global trade tensions and sluggish demand, India's exports declined by 6.1 per cent in August while the exports from the nation fell by 13.4 per cent, lowest in the 36 months, on year in the same month, reports Economic Times.
The steep fall in India's imports helped the country reduce its trade deficit in the month of August from $17.92 billion a year ago to $13.45 billion. The net imports stood at $39.58 billion. This marks the strongest decline in imports since August 2016 when the net imports had fallen by 13.8 per cent year on year.
However, the decline in imports was registered on account of lesser demand for non-oil and non-gold products which points towards the weakening of demand in the economy which has been bracing a slowdown across several sectors. Such imports fell by 9.33 per cent to $27.3 billion in August. However, it should also be noted that the oil imports fell by 8.9 per cent and gold imports fell by a massive 62.5 per cent in August.
On the other hand, the net exports for the month of August stood at $26.13 billion with 22 of the 30 export sectors registering a year on year decline.