Exports drop 20 pc to USD 22.34 bn in May

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SME Times News Bureau | 16 Jun, 2015
Country's exports shrank by over 20.19 percent in May to USD 22.34 billion, continuing the declining trend for the sixth straight month, caused by the global economic slowdown, fall in crude oil prices and appreciation of the rupee.

The trade deficit in May registered a three-month low at USD 10.41 billion -- nearly 8 percent lower than the figure for the same month last year at USD 11.24 billion, commerce ministry data showed on Tuesday.

The country's exports in May 2014 stood at USD 27.99 billion. Imports, too, declined 16.52 percent to USD 32.75 billion.

Gold imports, however, grew 10.47 percent to USD 2.42 billion in May.

India posted exports of USD 310.5 billion in 2014-15, that fell short of the fiscal's export target of USD 340 billion.

Reacting to the sharp decline on the trade data for May, President, Federation of Indian Export Organisations (FIEO), S C Ralhan said that the continuous negative double growth in exports since December 2014, is matter of serious and grave concern as the decline has further exasperated to over the 20 percent in May 2015.

"This, if allowed to continue will severely impact the Indian economy," he added. FIEO has been continuously raising this serious concern with the government, said Ralhan.

However with such kind of steep decline, FIEO expects that the government should take a serious note and act fast to arrest the decline.

Cumulative value of exports for the period April-May 2015-16 was USD 44.40 billion as against USD 53.63 billion registering a negative growth of 17.21 percent over the same period last year.

Cumulative value of imports for the period April-May 2015-16 was USD 65.8 billion as against USD 74.95 billion registering a negative growth of 12.21 percent over the same period last year.

Oil imports during May, 2015 were valued at USD 8.5 billion which was 40.97 percent lower than oil imports valued at USD 14.46 billion in the corresponding period last year.

Oil imports during April-May, 2015-16 were valued at USD 15.98 billion which was 41.76 percent lower than the oil imports of USD 27.44 billion in the corresponding period last year.

Non-oil imports during May, 2015 were estimated at USD 24.21 billion which was 2.24 percent lower than non-oil imports of USD 24.76 billion in May, 2014.

Non-oil imports during April-May, 2015-16 were valued at USD 49.81 billion which was 4.86 percent higher than the level of such imports valued at USD 47.51 billion in April-May, 2014-15, report said.