Exports dipped in August 2012 by 9.74 per cent to $22.3 billion. Imports are down by 5.08 per cent to $37.95 billion from $40 billion in August 2011. The trade deficit in August stood $15.7 billion.

However, the decline in exports in August is lower than that of the previous month, when they contracted by 15 per cent. During April-August, shipments dipped by 5.96 per cent to $119.97 billion from $127.5 billion in the same period last year, according to data released by Commerce Ministry on Monday.

During the first five months of the fiscal, imports contracted by 6.2 per cent to $191.1 billion. Trade deficit during the period stood at $71.1 billion.

Oil imports up

Oil imports during August grew by 2.96 per cent to $12.88 billion from $12.51 billion in the year-ago period. However, non-oil imports during the month declined by 8.74 per cent to $25.1 billion, the official data showed.

During the April-August period this fiscal, oil imports were valued at $66.7 billion, up 2.80 per cent as against $64.88 billion in the corresponding period of 2011-12. Non-oil imports stood at $124.46 billion, 10.41 per cent lower as compared to the same period last year when these stood at $138.92 billion.