Global slowdown dents exports, down 24 pc in September

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SME Times News Bureau | 16 Oct, 2015
Slowdown in global demand scenario and dip in prices of petroleum products dented country's September merchandise exports which fell by 24.33 percent, official data showed on Thursday.

According to the data furnished by the commerce and industry ministry, India's September merchandise exports fell to USD 21.84 billion from USD 28.86 billion worth of goods shipped out during the corresponding month of last year.

The data revealed that exports declined for the 10th-straight month in September.

"Subdued global demand has had a continuous negative impact on exports. Major economies, barring India and the US, are struggling. This has depressed international trade and impacted India's exports," said Devendra Kumar Pant, chief economist, India Ratings and Research (Ind-Ra).

"Petroleum products have become one of the major export items of the country, a decline in global growth and crude oil prices have impacted this segment."

As per the commerce and industry ministry's data, imports during the month under review plunged by 25.42 percent at USD 32.32 billion from USD 43.34 billion shipped-in during the corresponding month of 2014.

During September, the oil imports fell by 54.53 percent to USD 6.62 billion from USD 14.57 billion.

Non-oil imports also decreased by 10.68 percent to USD 25.69 billion from USD 28.76 billion shipped-in during the like month of 2014.

"The fall in crude oil prices is one of the prime reasons for the decline in the imports. The benefit of lower crude oil prices is negated by the lower demand of petroleum products which are a major export item of the country," Pant added.

Trade deficit during September dipped on a year-on-year basis and stood at USD 10.47 billion, as compared to USD 14.47 billion in the corresponding month of last year.

The data disclosed that the cumulative exports for the period between April and September 2015-16 fell by 17.63 percent to USD 132.93 billion from USD 161.39 billion during last year's corresponding period.

The cumulative figure for imports too showed a downward trajectory. It went down by 14.16 percent to USD 200.93 billion during the period under review from USD 234.08 billion.

Cumulatively trade deficit during the April-September period receded on a year-on-year basis and stood at USD 67.99 billion, as compared to USD 72.69 billion in the corresponding period of last year.