Exports slump for 14th straight month in Jan

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SME Times News Bureau | 16 Feb, 2016
Exhibiting 14 months of continuous decline, country's exports plunge 13.6 percent down in January over the same month year ago, the commerce ministry said in a statement on Monday.

"Exports valued at USD 21,076 million (Rs.1,41,738 crore) was 13.6 percent lower in dollar and 6.6 percent in rupee terms in January 2016 as against USD 24,394 million (Rs.1,51,791 crore) during January 2015," the statement said here.

In the first 10 months (April-January) of this fiscal (2015-16), cumulative export value plunged 17.7 percent in dollar and 12 percent in rupee to USD .2,17,680 million (Rs.14,15,061 crore) from USD 2,64,323 million (Rs.16,09,886 crore) in like period year ago.

Non-petroleum exports also declined 10.6 percent to USD 19,116 million from USD 21,371 million year ago and 9.6 percent in 10 months to USD 1,92,408 million from 2,12,730 million.

Similarly, imports declined 11 percent in dollar and 3.9 percent in rupee to USD 28,715 million (Rs.1,93,112 crore) in January this year from USD 32,265 million (Rs.2,00,774 crore) in same month year ago.

Reacting to the trade data for the month of January 2016, S.C.Ralhan, President FIEO said, "We may end up with exports of around USD 260 billion in 2015-16. However, looking at the exports globally, we are no exception as even leading exports nations have witnessed more or less the similar trend."

Ralhan said that the decline in manufacturing growth and more particularly double digit decline in capital growth manufacturing should be viewed seriously as the same with decline in imports of key raw material does not augur well for future exports as well.

President FIEO said that 17 out of 30 sub-sectors are in red in January, 2016 as against 15 out of 30 in December, 2015.

FIEO Chief said that the problem of transfer of shipping bill, verification of MEIS, delay in release of duty drawback and interest subsidy has seriously affected the liquidity of exporters and government should ensure that the benefits announced through policy measures reach the exporters.