Commerce ministry data showed on Friday that exports slipped nearly 7% to $34.48 billion in August from $37.02 billion a year earlier. Meanwhile, imports declined to $58.64 billion from $61.88 billion last year, leaving the trade balance at $24.16 billion.
Exporters expressed worry over the plunge in shipments of gems and jewellery, and organic and inorganic chemicals, that fell 22% and 18% respectively. Easing global fuel prices impacted earnings from refined petroleum exports, resulting in a sharp 30% drop. Cereal exports also fell over 40% due to export restrictions to arrest domestic prices.
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