Exports miss FY14 aim, trade deficit narrows to 3-year low
— April 12, 2014 12:07:24 AMNew Delhi : India missed its export target in the last financial year even as the trade deficit for 2013-14 shrank to a three-year low of $ 138.59 billion.
In March, exports declined 3.15 per cent to post a drop for the second month in a row, while the trade deficit at $ 10.5 billion was the highest in five months, according to data from the Ministry of Commerce and Industry.
"Slowdown in manufacturing, liquidity crunch, currency appreciation, coupled with depreciating currency of few of our trading partners, softening of metal and commodity prices and uncertainty in few regions of the world are the prime reasons for the slowdown," Federation of India Export Organisations President Rafeeque Ahmed said. Exports in 2013-14 grew about 4% to $ 312.35 billion, while imports dipped 8.11 per cent to $ 450.94 billion.
Merchandise exports fell short of the target of $ 325 billion set by the government and were higher than $ 300.4 billion in 2012-13.
A drop in gold and silver imports helped shrink trade gap. Overseas purchases of the precious metals dropped 40% to $ 33.46 billion.
The trade deficit in 2012-13 stood at $ 190.33 billion. The gap in the last financial year was the lowest since $ 104.4 billion in 2010-11.
In March, exports contracted to $ 29.57 billion and imports fell 2.11% to $ 40 billion from a year earlier. Oil imports in March increased 17.7% to $ 15.78 billion. In 2013-14, oil imports grew 2.2% to $ 167.62 billion. On a monthly basis, the trade deficit in March was the widest since October 2013, when it was $ 10.56 billion.
The Confederation of Indian Industry said China also witnessed a slump in exports and this could be an indicator of a looming slowdown in global demand.
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