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Exports fall for 15th month in February, by 5.66 pc
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SME Times News Bureau | 16 Mar, 2016
With the continuing global
slowdown and fall in global commodity prices, India's merchandise
exports declined 5.66 percent in February in dollar terms over the same
month year ago, with no let-up in the last 15 months, an official
statement said on Tuesday.
Exports in January had declined by 13.6 percent.
"Exports
during February 2016 valued at $20.73 billion (Rs.1,41,515.41 crore)
which was 5.66 percent lower than the level of $21.98 billion
(Rs.1,36,379.94 crore) during February 2015," said the commerce ministry
statement.
In the first 11 months (April-February) of this
fiscal, cumulative export value plunged 16.73 percent to $238 billion
(Rs.15,56,576.47 crore) from $286 billion (Rs.17,46,265.60 crore) in
like period year ago.
Similarly, imports declined 5.03 percent to $27.28 billion in February this year from $28.72 billion in same month year ago.
Cumulative
imports for the eleven-month period (April-February) were worth more
than $351 billion, which was a 14.74 percent fall from $412 billion
worth recorded for the same period last year.
However, gold imports in February jumped 48 percent to $1.98 billion
Trade
deficit, thus, narrowed to a 17-month low of $6.8 billion in February
as oil imports more than halved from the previous month.
Trade
deficit for the eleven months of the fiscal has narrowed to more than
$113 billion, while the corresponding figure for the previous year was
more than $126 billion.
Further, Reserve Bank of India (RBI) data
on Tuesday showed that exports of services dropped to $12.57 billion in
January 2016 as against $14.03 billion in December 2015. Services
imports, too, fell and stood at $6.8 billion in January 2015 as against
$7.1 billion in December 2015.
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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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