Exports stay downhill for 11th consecutive month

Exports stay downhill for 11th consecutive month

Hopes pinned on Christmas orders from Western market

Briefing reporters here, Commerce Secretary Rahul Khullar said “The merchandise exports were US$14.3 billion in August, against US$17.8 billion in the same month last year,” adding that the provisional exports data for August would be formally released in October.

For April-August this fiscal, the exports contracted by 31.3 per cent to US$63.9 billion from US$93.1 billion in the same period last year. The contraction in July was 28.4 per cent.
“There is a glimmer of hope,” he said, adding a lot would depend on the Christmas orders. Besides, the decline in shipments was the lowest since January 2009.

In August, exports of rice, tobacco, fruits and vegetable, marine products, iron ore, man-made yarn and fabrics, some minerals, like coal, and garments have shown positive growth, Khullar said. For the first time in 2009-10, three sectors — rice, tobacco and fruits and vegetables — have shown positive growth.

Gems and Jewellery, drugs and pharmaceuticals, engineering goods and leather, which account for the bulk of country’s exports, however continue to remain in the negative.  Exports of gems and jewellery were US$2.2 billion in August against US$2.9 per cent in the corresponding month last year.

Shipments of engineering goods were valued at US$2.6 billion against 3.8 billion while that of leather and its products was US$0.28 billion over US$0.35 billion.

Press Trust of India