But textiles and gems & jewellery, which are not just large export segments but also major employers, are a sore point. Readymade garment exports fell by nearly 10% this April to $1 billion, while man-mades and cotton yarn exports too contracted. Similarly, gems & jewellery fell 27% to $2.6 billion.
On the imports side, the growth moderation was led by pearls and stones whose shipments fell 63% to $1.2 billion, while gold & silver imports were 33% lower at $3.1 billion.
Besides a slowdown in exports, the economy is seeing a decline in capital inflows, which is putting pressure on the central bank to support the rupee —which has lost nearly 8% against the dollar since March.