India’s merchandise exports fell for the 12th consecutive month in October, this year. As compared to this, during the 2008-09 global financial meltdown, the decline was for nine months in a row.
Exports contracted by 24.43%, to $20.01 billion in November, against $ 26.48 billion in November 2014, according to data released by the commerce ministry on Tuesday.
Exports had last recorded growth exactly a year back, rising 7.27% year-on-year. The rate of drop in exports for November is the highest since then.
Besides a global slowdown, the severe fall is attributed to a decline in global commodity prices.
Imports too declined by 30.26 % to $ 29.79Bn in November as compared to the year ago period, when it was $42.72 Bn. For the current financial year, (April-November), India’s cumulative imports were more than $261 Bn. This was a 17.21% drop from $ 316 bn, which was the cumulative figure for the same period last year.
As a result, trade deficit has narrowed to $ 87.54 billion, cumulatively for months leading upto November in the current financial year. The corresponding figure for the previous year was $ 102 bn.
Cumulatively, oil imports stood at $ 61.41 bn for FY16 which was 42.39% lower than the massive figure of $ 106.59 bn in the corresponding period last year.
Non-oil imports also dropped by 4.41% to an estimated $23.35 bn.
Exports contracted by 24.43%, to $20.01 billion in November, against $ 26.48 billion in November 2014, according to data released by the commerce ministry on Tuesday.
Exports had last recorded growth exactly a year back, rising 7.27% year-on-year. The rate of drop in exports for November is the highest since then.
Besides a global slowdown, the severe fall is attributed to a decline in global commodity prices.
Imports too declined by 30.26 % to $ 29.79Bn in November as compared to the year ago period, when it was $42.72 Bn. For the current financial year, (April-November), India’s cumulative imports were more than $261 Bn. This was a 17.21% drop from $ 316 bn, which was the cumulative figure for the same period last year.
As a result, trade deficit has narrowed to $ 87.54 billion, cumulatively for months leading upto November in the current financial year. The corresponding figure for the previous year was $ 102 bn.
Cumulatively, oil imports stood at $ 61.41 bn for FY16 which was 42.39% lower than the massive figure of $ 106.59 bn in the corresponding period last year.
Non-oil imports also dropped by 4.41% to an estimated $23.35 bn.
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