India's exports fall for 2nd straight month, trade deficit down 38% at $7.67 billion

New Delhi: India's exports declined for the second consecutive month in August by 0.3 percent to USD 21.51 billion due to dip in shipments of products like petroleum and leather.

The outward shipments stood at USD 21.58 billion in August 2015.

The country's imports too contracted by 14 percent to USD 29.91 billion, leaving a trade deficit of USD 7.67 billion in the month under review.

The trade gap was narrowed in August this year from USD 12.4 billion in the same month last year, according to the data released by the commerce ministry.

The important export sectors which recorded negative growth in the month include petroleum (14 percent), leather (7.82 percent) and chemicals (5 percent).

Further dip in gold imports too helped in bridging the trade gap. The precious metal imports dipped by 77.45 percent to USD 1.11 billion in August 2016.

Oil imports during the month fell by 8.47 percent to USD 6.74 billion.

Since December 2014, exports fell for the straight 18 months till May 2016 due to weak global demand and slide in oil prices. Shipments witnessed growth only in June this year thereafter again entered into negative zone in July.