Exports drop 17.5 pc on weak global demand

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SME Times News Bureau | 17 Nov, 2015
Slowdown in global demand scenario and a dip in prices of petroleum products dented India's exports for the eleventh straight month in October with merchandise exports declining by 17.53 percent, official data showed on Monday.

According to the data furnished by the commerce and industry ministry, India's October merchandise exports fell to USD 21.35 billion from USD 25.89 billion worth of goods shipped out during the corresponding month of last year.

The data revealed that exports declined for the 11th straight month in October.

As per the ministry's data, imports during the month under review plunged by 21.15 percent at USD 31.12 billion from USD 39.46 billion shipped in during the corresponding month of 2014.

During October, the oil imports fell by 45.31 percent to USD 6.84 billion from USD 12.51 billion.

Furthermore, non-oil imports decreased by 9.93 percent to USD 24.27 billion from USD 26.95 billion shipped in during the like month of 2014.

Trade deficit during October dipped on a year-on-year basis and stood at USD 9.76 billion, as compared to USD 13.57 billion in the corresponding month of last year.

The data showed that the cumulative exports for the period between April and October 2015-16 fell by 17.62 percent to USD 154.29 billion from USD 187.28 billion during last year's corresponding period.

In addition, the cumulative figure for imports too showed a downward trajectory. It went down by 15.17 percent to USD 232.05 billion during the period under review from USD 273.55 billion.

Cumulatively, trade deficit during the April-October period receded on a year-on-year basis and stood at USD 77.76 billion, as compared to USD 86.26 billion in the corresponding period of last year.