It is due to steep fall in shipments of petroleum products, iron ore, and engineering goods
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New Delhi: India’s exports contracted for 10th straight month in September falling by 24.33 per cent due to steep fall in shipments of petroleum products, iron ore, and engineering goods. In September, exports came at $21.84 billion against $28.86 billion in the same month last year. Imports also contracted by 25.42 per cent to $32.32 billion, narrowing the trade gap to $10.47 billion from $14.47 billion recorded in the same month of 2014.
Oil imports in September were down by 54.53 per cent. Gold imports declined by 45.62 per cent in September to $2 billion from $3.78 billion in the same month of 2014. As far as exports are concerned, shipments of petroleum products shrunk 60.35 per cent to $2.44 billion while that of iron ore declined by 40.37 per cent. A sharp decline in exports of engineering products was also witnessed in September. The shipments declined by 22.81 per cent to $5 billion from $6.5 billion in the year ago period.
Moreover, Engineering Export Promotion Council of India analysis showed that India’s engineering exports to its neighbouring countries, including China have seen a massive fall in August, 2015 clearly signalling the demand slowdown getting all the more pervasive which could get into a spiral mode. Engineering exports’ to China dipped by 42.9 per cent to $153.2 million in August, 2015, from $268.3 million in the same month last year.
( Source : deccan chronicle )
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