NEW DELHI April 17 PTI
INDIA'S exports dipped deeper in the negative zone recording a decline of 21 per cent in March, the biggest fall in the last six years, pulling down the total shipment for 2014-15 to USD 310.5 billion, missing the target.
Exports have been on downward spiral since December last year. The previous biggest decline in export was in July 2009, when it dipped by 28.4 per cent. Falling exports and an increase in gold imports have widened the trade deficit to a four-month high of USD 11.79 billion in March. Gold imports in March almost doubled to USD 4.98 billion.Falling exports of petroleum products (59.5 per cent), gems and jewellery (8.36 per cent), chemicals (5.36 per cent) and engineering goods (2.5 per cent) have led to the sharp contraction in March. These sectors contribute about 70 per cent to the country's total exports. In March, exports decreased to USD 23.95 billion compared with USD 30.34 billion in the year-ago period, as per the Commerce Ministry's data. Compared with the previous fiscal, exports dipped by 1.23 per cent in 2014-15. The Government had fixed the target at USD 340 billion for 2014-15. In 2013-14, too, total merchandise shipments stood at USD 314.4 billion, missing the annual target of USD 325 billion. Imports contracted by 13.44 per cent to USD 35.74 billion in March. During 2014-15, imports dipped by 0.59 per cent to USD 447.5 billion in 2014-15, leaving a trade deficit of USD 137 billion. Industry experts said that the Government would have to give a special thrust on enhancing exports.Oil imports declined by 52.68 per cent to USD 7.41 billion in March. During 2014-15, it dipped by 16.09 per cent to USD 138.26 billion.An official said sharp decline in global oil prices had impacted India's petroleum exports, which accounted for 22 per cent of total shipments.
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