New Delhi. Due to amid weak global demand, India’s exports has declined for the 17th consecutive month and falling from 6.74 percent it has came to 20.5 Arab dollars in April, estimated that decline in the shipment of petroleum and engineering products has had a major impact on total exports.
In April, imports too dropped by 23.1 percent coming to 25.41 Arab dollars which were 33 Arab dollars in 2015. The trade deficit declined by more than half to 4.87 billion in respect of 11 Arab dollars in same month of previous fiscal year.
Releasing the trade figures, Ministry of Commerce said that decline in the exports is in tandem with other major world economies. According to WTO statistics there was a fall of 3.87percent in export growth in USA in February. Similarly Chin and Japan faced dropping by 1.10 percent and 25.34 percent.
FIEO Exporters Association stated that downfall in exports has been arrested to some extend in March and April and exports are expected to be moved in positive territory by July. On the other hand, the Engineering 0Export Promotion Council said, “There has been an alarming decline in exports of highly- job oriented engineering exports.” Exports have been falling continuously since b2014 reason being weak global demand and slide in oil price.
Oil imports have dropped by 24.01 percent to $5.6 billion whereas non-oil imports got down by 22.83 percent to $19.75 billion.
While the shipment of petroleum products dipped by 28.15percent to $1.97 billion and 19 percent decline in engineering goods standing at $4.76 billion; exports of coffee, tea, gems & jewellery and pharmaceuticals recorded positive growth.