India's exports fall 24% in November

16 Dec 2015 Evaluate

Contracting for the twelve month in a row, India’s exports plunged 24 percent in November to $20 million. The significant fall in exports is attributed to weak global demand, amid a tepid global economic recovery. On the positive side, imports too declined by over 30 per cent to $29.7 billion from $42.7 billion a year ago, led by low crude oil prices and subdued imports of gold, coal and fertilizers. This has helped shrank the trade deficit to $9.78 billion in November as compared with $16.2 billion in November 2014. The trade deficit for April-November, 2015-16 was estimated at $87543.75 million which was lower than the deficit of $102506.23 million during April-November, 2014-15.

As per the data released by the Commerce Ministry, Exports during November, 2015 were valued at $ 20014.22 million in Dollar terms, 24.43 per cent lower than the level of $26485.71 million during November, 2014. In Rupee terms the exports stood at Rs. 132328.24 crore for the month against Rs. 163427.94 crore in the same month last year, showing a decline of 19.03 per cent. Cumulative value of exports for the period April- November 2015-16 was $174306.46 million as against $213774.45 million, registering a negative growth of 18.46 per cent in Dollar terms and stood at Rs 1124831.81 crore in Rupee term down by 13.07 per cent of Rs 1293967.32 crore in the same period last year.

Meanwhile, Imports during November, 2015 were valued at $29795.91 million in dollar terms, 30.26 per cent lower over the level of imports valued at $42722.49 million in November, 2014. In rupee terms imports were valued at Rs 197001.90 crore, which was 25.27 per cent lower than Rs 263615.72 crore in the same period last year. Cumulative value of imports for the period April-November 2015-16 in Dollar terms was $261850.21 million, as against $316280.68 million, registering a negative growth of 17.21 per cent in Dollar terms. In rupee terms the imports for the period April-November 2015-16 stood at Rs 1689681.20 crore, down by 11.77 per cent as compared to Rs 1915128.52 crore in the same period last year.

Oil imports which accounts for 31 percent of the total imports dropped by 44.99 per cent during November, 2015 at $6436.39 million than oil imports valued at $11699.82 million in the corresponding period last year. Oil imports during April-November, 2015-16 were valued at $61411.46 million which was 42.39 per cent lower than the oil imports of $106596.04 million in the corresponding period last year. Meanwhile, Non-oil imports during November, 2015 were estimated at $23359.52 million which was 24.7 per cent lower than the non-oil imports of $31022.67 million in November, 2014. Non-oil imports during April-November, 2015-16 were valued at $200438.75 million which was 4.41 per cent lower than the level of such imports valued at $209684.64 million in April-November, 2014-15.

The last time Indian exports registered a positive growth was in November 2014, when shipments had expanded at a rate of 7.27 percent. Sluggish global demand, an overvalued rupee, declining imports from China and devaluation of the Chinese currency have deterred India's exports from growing, despite the commerce department expanding export incentive schemes for various products and markets.

India's exports fall 24% in November

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