India exports decline for 4th month, August falls 9.7pc to US$22 billion

INDIA's exports declined by 9.7 per cent in August to a total value of US$22.3 billion, representing the fourth consecutive month of falling figures, according to preliminary figures from the Commerce Ministry.

Exports fell by 4.16 per cent in May, 5.4 per cent in June and 14.8 per cent in July over the corresponding months in 2011. Total exports from April through August, the first five months of fiscal 2012-13, decreased six per cent to $120 billion, down from $127.6 billion the previous fiscal year.

"Compared to our export performance in July, there is a slight ray of hope. There is a slight improvement in August. I hope this will give us some confidence that we can make up," said a government spokesman.

The value of imports in August fell five per cent year-on-year to $38 billion, leaving a trade deficit of $15.7 billion.

Total imports from April to August decreased 6.2 per cent to $191.1 billion, and the trade gap for the first five months was estimated at $71.1 billion, down from $76.2 billion a year earlier.

"Although the European market is not recovering, there is a hope that the US market will stabilise. We are doing good in Africa and we need to do much more," the spokesman said.

In fiscal 2011-12 ended March 31, India's exports rose 21 per cent against the previous year to total $303.7 billion.