Exports growth less than 1 pc during Apr-Feb

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SME Times News Bureau | 19 Mar, 2015
Minister of State for Commerce and Industry Nirmala Sitharaman has informed the Rajya Sabha that the exports from India grew marginally by 0.88 percent to USD 286.58 billion during the period of April- February of the current fiscal, reports media on Wednesday.

"Country's merchandise exports was USD 284.07 billion in the same period in the previous year and there has been a marginal increase of 0.88 percent in exports during April-February. The downward trend is muted," the minister said.

Replying to a supplementary, she said the Government was taking several steps to raise the export kitty further.

India's imports during April-February also went up by 0.70 percent to USD 411.80 billion, Sitharaman said.

The export of the main commodities or sectors that have registered a decline during the April-February period of 2014-15 as compared to the same period last year were petroleum products, gems and jewellery, electronic goods, spices, iron ore, tobacco, and tea, among others.

The Minister said the primary reasons for the decline in exports were muted global demand, stagnation, and the deflation problem in the European Union and a fall in the prices of crude oil.

The fall in global demand was due to the slowing down of world trade, while the fall in global crude oil prices had led to a decline in exports of petro products, which contribute around 19 percent of India's total exports.

"EU countries, which account for nearly 16 percent of India's exports, are facing problems of stagnation and deflation. The appreciation of the rupee against the euro has also adversely impacted India’s export to EU countries," she said.