India's exports during August 2015 were valued at $21266.31 million, 20.66 per cent lower in dollar terms than the level of $26,803.48 million during August 2014, the Commerce and Industry Ministry said in a statement. Cumulative value of exports for the period April-August 2015/16 was $1,11,094.47 million as against $1,32,529.64 million registering a negative growth of 16.17 per cent in dollar terms over the same period last year.

Imports during August 2015 were valued at $33,744.28 million which was 9.95 per cent lower in dollar terms over the level of imports valued at $37,472.78 million in August 2014. Cumulative value of imports for the period April-August 2015/16 was $1,68,610.56 million as against $1,90,747.68 million registering a negative growth of 11.61 per cent in dollar terms over the same period last year, the statement added.

The trade deficit for April-August 2015/16 was estimated at $57,516.09 million which was lower than the deficit of $58,218.04 million during April-August 2014/15. A statement by Tirupur Exporters Association (TEA) says, all India readymade garments exports, including Tirupur knitwear exports declined by 7.3 per cent in August compared to the corresponding month of last year 2014/15.

TEA President A Sakthivel opines there is an urgent need to implement pending measures like three per cent interest subvention on packing credit, reduction of bank interest rates, refund of duty drawback rate without delay, improvement in the infrastructure of road and port, 24x7 operation in ports for all shipping bills, refund of TUFs interest subsidy to arrest the downfall and restore the growth of exports.

www.tea-india.org