| Log in
Reuters

Exports slump for fifth straight month in April

15 May, 2015

India’s trade deficit slightly narrowed for April compared with last month, according to a report released by the Ministry of Commerce and Industry. The trade deficit for April was estimated at $10.99 billion which was higher than the deficit of $10.09 billion during April last year. 

Exports continued their dismal performance at the start of this fiscal as the value fell for the fifth straight month to $22.01 billion, a 13.96 per cent drop in dollar terms from April 2014. The value of exports depreciated 10.55 per cent in rupee terms. 

India had a dismal trade balance last year as exports declined further and missed the target set by the government. The exports have been languishing given the sluggish global demand. The situation is unlikely to improve in the coming months as euro zone, Japan and China are likely to pull down growth further.

Imports also depreciated 7.48 per cent in dollar terms. Oil imports during April were valued 42.65 per cent lower than the corresponding period last month while non-oil imports increased 12.58 per cent higher in value. Non-oil imports during April 2015 were estimated at $256.04 billion.

Oil imports can prove to be a nuisance for the Indian economy as crude prices have started rising again. Futures for brent crude crossed $69 per barrel mark a fortnight ago and a further rise can widen the trade balance further. No recovery in exports is expected to accentuate the situation.

The New Foreign Trade Policy 2015-2020 has set a goal for doubling India’s merchandise and service export to $900 billion.


Leave Your Comment
Exports fall for sixth straight month

Exports fall for sixth straight month

Ishaan Gera 2 years ago
India’s exports continued the dismal performance in May falling for the...
India's trade deficit shrinks over 40% in February but lower exports add to worries

India’s trade deficit shrinks over 40% in February but lower exports add to worries

Bhawna Gupta 4 years ago
India’s trade deficit, the difference between the exports and imports,...
India’s trade deficit widens in FY15 as exports slump further

India’s trade deficit widens in FY15 as exports slump further

Ishaan Gera 3 years ago
India’s trade deficit widened for financial year 2014-15, according to a...
No Comments

Exports slump for fifth straight month in April

Powered by WordPress.com VIP