New Delhi: The government on Tuesday said that the country is not facing any crisis on the export front despite the outbound trading declining for 12 consecutive months. “There is a need for caution, there is no need for alarm,” the commerce ministry said in a statement.
During the period April-November 2015 total exports in dollar terms were $174 billion, which shows a decline of 18.5 per cent over corresponding period figure of $213.8 billion in 2014.
The ministry, however, said that a general sense of alarm has been generated by the publication of figures of India’s exports. “A closer look at the trade figures suggests a different picture. Petroleum product exports have fallen by 52 per cent. In the case of petroleum products, there has been steep decline in raw material prices, namely, crude oil,” said the ministry.
Similarly, the value of gems and jewellery has reduced because of the lower gold price. If exports of petroleum products and gems and jewellery are excluded, then the decline is in single digits. “Decline in non-oil and non-gems and jewellery export for the reporting period is 9.7 per cent in dollar terms and 3.7 per cent in rupee terms,” it said.
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