Exports decline for the 11th month in a row, drops 17.33% in October

17 Nov 2015 Evaluate

Indian merchandise exports contracting for the eleventh straight month plunged by 17.33 percent in the month of October to $21.35 billion. The significant fall in exports is attributed to weak global demand, amid a tepid global economic recovery. The last time Indian exports registered a positive growth was in November 2014, when shipments had expanded at a rate of 7.27 percent. On the positive side the imports too declined by over 21.15 percent from a year earlier to $31.12 billion, narrowing the trade gap to $9.77 billion in October from $10.48 billion in September and $13.35 billion in the year ago period. The trade deficit for April-October, 2015-16 was estimated at $ 77762.06 million which was lower than the deficit of $ 86269.45 million during April-October, 2014-15.

According to the data released by the Commerce Ministry, Indian exports in dollar terms stood at $21352.79 million which was 17.53 per cent lower than the level of $25891.39 million during October, 2014. In Rupee terms the exports valued at Rs 138916.98 crore which was 12.53 per cent lower than the level of Rs.158822.95 crore in the same period last year. Cumulative value of exports for the period April-October 2015-16 was $154292.24 million as against $187288.74 million in same period last year, registering a negative growth of 17.62 per cent in Dollar terms. In Rupee terms cumulative exports for the period April-October 2015-16 stood at Rs 992503.57 crore as against Rs 1130539.38 crore in April-October 2014-15, down by 12.21 per cent.

Meanwhile, Imports during October, 2015 were valued at $31120.06 million in dollar terms, 21.15 per cent lower over the level of imports valued at $39468.76 million in same period last year. In rupee terms imports were valued at Rs 202460.88 crore, which was 16.38 per cent lower than Rs 242109.24 crore during October 2014. Cumulative value of imports for the period April-October 2015-16 in Dollar terms was $232054.30 million, as against $273558.19 million, registering a negative growth of 15.17 per cent in Dollar terms. In rupee terms the imports for the period April-October 2015-16 stood at Rs1492679.30 crore, down by 9.62 per cent compared to Rs 1651512.80 crore in the same period last year.

Oil imports which accounts for 31 percent of the total imports dropped by 45.31 per cent during October, 2015 at $6846.11 million than oil imports valued at $12517.24 million in the corresponding period last year. Oil imports during April-October, 2015-16 were valued at $54975.07 million which was 42.07 per cent lower than the oil imports of $94896.22 million in the corresponding period last year. Non-oil imports during October, 2015 were estimated at $24273.95 million which was 9.93 per cent lower than non-oil imports of $26951.52 million in October, 2014. Non-oil imports during April-October, 2015-16 were valued at $177079.23 million which was 0.89 per cent lower than the level of such imports valued at $178661.97 million in April-October, 2014-15.

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