Exports stay downhill; traders pin hopes on Christmas

NEW DELHI: India's exports contracted for the eleventh month in a row in August by 19.7 per cent on a yearly basis, but exporters are pinning hopes on Christmas orders from markets in the West.

The merchandise exports were USD 14.3 billion in August, against USD 17.8 billion in the same month last year, Commerce Secretary Rahul Khullar told repoters.

The provisional exports data for August would be formally released in October.

For the April-August this fiscal, the exports contracted by 31.3 per cent to USD 63.9 billion from USD 93.1 billion in the same period last year.

The contraction in July was 28.4 per cent. "There is a glimmer of hope," Khullar said, adding a lot would depend on the Christmas orders. Besides, the decline in shipments was the lowest since January 2009.

In August, exports of rice, tobacco, fruits and vegetable, marine products, iron ore, man-made yarn and fabrics, some minerals, like coal, and garments have shown positive growth, Khullar said.