Export slows to 7.3 pc; imports up 4.2 pc in July

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SME Times News Bureau | 16 Aug, 2014
Country's exports growth slipped to 7.33 percent in July after witnessing a double-digit expansion in the previous two months, pushing up the trade deficit to one- year high of USD 12.22 billion, said official data released on Thursday.

According to release exports during July, 2014 were valued at USD 27.72 billion, which was 7.33 percent higher than the level of USD 25.83 billion during July, 2013.

Imports during July, 2014 were valued at USD 39.95 billion representing a growth of 4.25 percent over the level of imports valued at USD 38.32 billion in July, 2013.

Cumulative value of exports for the period April-July 2014-15 was USD 107.83 billion as against USD 99.28 billion registering a growth of 8.62 percent over the same period last year.

While the cumulative value of imports for the period April-July 2014-15 was USD 153.15 billion as against USD 159.19 billion registering a negative growth of 3.80 percent over the same period last year.

The trade deficit for April-July, 2014-15 was estimated at USD 45.31 billion which was lower than the deficit of USD 59.91 billion during April-July, 2013-14, it added.

According to exporters' body the Federation of Indian Export Organisations (FIEO), Engineering, Chemicals & Pharma, Apparels, Leather, Marine continued to post better results in July as was in the earlier months but Gems & Jewellery, Electronics, Cotton Textiles continues to be cause of concern as their negative growth is pulling down overall exports growth.

Reacting to the trade data for the month of July 2014, Rafeeque Ahmed, President FIEO said that the growth of 7.36 percent is below his expectation as he was expecting a double digit growth.

Ahmed said that global trade scenario is improving with positive development in EU, US and emerging economies and in coming months exports should reflect these developments.

FIEO Chief, however, reiterated that we can cross USD 350 Billion of exports in 2014-15 as manufacturing is expected to pick up this fiscal.