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India's merchandise exports shrink sharply by 14 pc in April
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SME Times News Bureau | 16 May, 2015
In a worrying start to this fiscal, India's merchandise exports declined
sharply by 14 percent in April and stood at $22.05 billion due mainly
to the overall conditions in the global market, while gold imports shot
up by 85 percent.
The exports contracted from $25.63 billion during April 2014.
According
to data on exports and imports released by the ministry of commerce and
industry on Friday, the trade deficit for April this year stood at $11
billion against $10.08 billion during the like month of the previous
year.
The trade deficit, in fact, widened despite a major
42.65-percent drop in oil imports during April 2015 and was valued at
$7.44 billion against $12.98 billion in the corresponding month of the
previous year.
Non-oil imports, including gold, were estimated
at $25.60 billion, which was 12.58 percent higher than the $22.74
billion in April 2014. Imports of gold nearly doubled and were over 85
percent higher at $19.65 billion, against $10.596 billion.
The overall imports during April were down by 7.48 percent at $33.04 billion from $35.72 billion.
Commodity-wise,
high export growth was witnessed in tobacco (24.28 percent), spices
(19.60 percent), ceramic products (15.67 percent), carpets (14.17
percent), handicrafts (13.46 percent), cashew (10.71 percent), drug and
pharmaceutical (9.73 percent) and cereal preparations (8.08 percent).
Segment-wise,
high import growth was reported in fertilisers (70.70 percent),
transport equipment (69.44 percent), pulses (42.45 percent), electronic
goods (30.01 percent), artificial resins and plastic materials (19.35
percent), fruits and vegetables (17.03 percent), iron and steel (16.01
percent) and electronic and non-electronic machinery (10.11 percent).
Another
set of data independently released by the Reserve Bank of India (RBI)
showed that services export for March was lower by 1.88 percent and
stood at $14.04 billion from $14.31 billion earned during the
corresponding month of last year.
However, services imports
during March fell by 7.42 percent and stood at $7.86 billion from $8.49
billion in the like month of 2014.
The Federation of Indian
Export Organisations (FIEO) said that the sharp decline in petroleum
exports coupled-with negative growth in some key export sectors was the
main reason behind the export decline.
Petroleum exports in the
month under review declined by 46.5 percent. The sector used to
contribute about 20 percent of the country's total exports.
"Negative
growth in exports is continuing since December, 2014 though the decline
has come down from March. The prime reason continues to be softening of
crude, metal and commodity prices," S.C. Ralhan, president, FIEO was
quoted in a statement.
"Decline in exports of rice, marine
products, meat, dairy and poultry products, leather products are of
equal consequences as these sectors have shown great promise in the
past.
As per Ralhan added that exports to countries dependent on
oil, metal and commodities may have taken a hit as they reduced their
appetite for imports with tighter capital control.
Ralhan added
that the interest subvention scheme may be re-introduced immediately and
liquidity crunch of the exporters may be addressed with timely release
of the exports benefits.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
|
64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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