Exports contract for the 13 month in a row, shrinks by 14.75% in December

18 Jan 2016 Evaluate

Reflecting the sluggish global demand, India's merchandise exports contracted for the thirteenth consecutive month in December, registering 14.75% decline over last year. While exports came in at $22.2 billion, Imports too fell from a year earlier to $33.96 billion and the trade deficit widened to $11.66 billion compared with a provisional $9.8 billion a month ago. The trade deficit for April-December, 2015-16 was estimated at $99207.75 million which was lower than the deficit of $111685.04 million during April-December, 2014-15. Orders from the United States and Europe shrank and exporters grappled with a competitively weaker Chinese yuan.

According to the data released by the Commerce Ministry, Indian exports during December, 2015 were valued at $22297.48 million in Dollar terms, 14.75 per cent lower than the level of $ 26154.46 million during December, 2014. In Rupee terms the exports stood at Rs. 148491.18 crore for the month against Rs. 164127.08 crore in the same month last year, showing a decline of 9.53 per cent. Cumulative value of exports for the period April- December 2015-16 was $196603.94 million as against $239928.91million, registering a negative growth of 18.06 per cent in Dollar terms. It stood at Rs 1273322.99 crore in Rupee term down by 12.67 per cent of Rs 1458094.40 crore in the same period last year.

Meanwhile, Imports during December, 2015 were valued at $33961.48 million in dollar terms, 3.88 per cent lower over the level of imports valued at $35333.27 million in same period last year. In rupee terms imports were valued at Rs 226168.20 crore, which was 2.00 per cent higher than Rs 221726.88 crore during December 2014. Cumulative value of imports for the period April-December 2015-16 in Dollar terms was $295811.69 million, as against $351613.95million, registering a negative growth of 15.87 per cent in Dollar terms. In rupee terms the imports for the period April-December 2015-16 stood at Rs 1915849.40 crore, down by 10.34 per cent compared to Rs 2136855.40 crore in the same period last year.

Oil imports which accounts for 31 percent of the total imports, dropped by 33.19 per cent during December, 2015 at $6656.74 million than oil imports valued at $9963.44 million in the corresponding period last year. Oil imports during April-December, 2015-16 were valued at $68068.20 million which was 41.60 per cent lower than the oil imports of $116559.48 million in the corresponding period last year. Non-oil imports during December, 2015 were estimated at $27304.74 million which was 7.63 per cent higher than non-oil imports of $25369.83 million in December, 2014. Non-oil imports during April-December, 2015-16 were valued at $227743.49 million which was 3.11 per cent lower than the level of such imports valued at $235054.47 million in April-December, 2014-15.

The deteriorating global economic growth outlook and rising volatility in currency markets have dampened Indian exports, although the blow has been softened by a collapse in the country's oil import bill. The last time Indian exports registered a positive growth was in November 2014, when shipments had expanded at a rate of 7.27 percent.

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