Exports extend its decline for the 9th month in a row in August

16 Sep 2015 Evaluate

Indian exports extending its decline for the ninth month in a row, plunged by 20.66 percent in August at $21266.31 million. The significant fall in country's exports is attributed to global slowdown and declining commodity prices worldwide. Though, the trade deficit has narrowed in August as compared with July this year, as the imports too declined. The trade deficit for April-August, 2015-16 estimated at $57516.09 million, too was lower than the deficit of $58218.04 million during April-August, 2014-15.

According to the data released by the Commerce Ministry, Indian exports in dollar terms stood at $21266.31 million against $26803.48 million during August, 2014. In rupee term the Exports valued at Rs.138384.74 crore which was 15.22 per cent lower than the level of Rs.163220.33 crore in the same period last year. Cumulative value of exports for the period April-August 2015-16 was $111094.47 million as against $132529.64 million, registering a negative growth of 16.17 per cent in Dollar terms and down by 10.94 percent in rupee term at Rs 708933.92 crore, compared to Rs 796013.40 crore over the same period last year.

The main sectors which reported decline in exports include petroleum products which account for 18 percent of the country's total exports, fell by 47.88 percent, engineering declined by 29 per cent, leather and leather goods by 12.78 percent, marine products by 20.83 percent and carpet by 2222 percent. On the other hand, Gold imports rose by 140 percent to $4.95 billion in the month, compared to $2.06 billion in August last fiscal.

Meanwhile, Imports during August, 2015 declined by 9.95 percent, while cumulative value of imports for the period April-August 2015-16 too declined by 11.61 per cent to $168.6 billion, resulting in a trade deficit of $57.5 billion. Imports during August, 2015 were valued at $33744.28 million, down by 9.95 per cent in Dollar terms over imports valued at $37472.78 million. In rupee term the Imports valued at Rs 228191.26 crore, lower by 3.77 percent from Rs 219581.77 crore in August, 2014. Cumulative value of imports for the period April-August 2015-16 was $168610.56 million as against $190747.68 million, registering a negative growth of 11.61 per cent in Dollar terms and Rs 1076178.14 crore in rupee terms, down by 6.06 per cent at Rs 1145604.44 crore over the same period last year.

Oil imports which accounts for 31 percent of the total imports dropped by 42.59 percent at $7357.47 million, compared to $12814.77 million in the corresponding period last year. Oil imports during April-August, 2015-16 valued at $41502.37 million were down by 38.79 per cent than the oil imports of $67805.81 million in the corresponding period last year.

However, non-oil imports grew by 7.01 percent to $26386.81 million, compared to $24658.01 million in August, 2014. Non-oil imports during April-August, 2015-16 were up by 3.39 per cent at $127108.19 million, compared to imports valued at $122941.87 million in April-August, 2014-15. Gold imports increased to $4.95 billion in the month under review from $ 2.06 billion in August last year.

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