Exports fall to 14-year low at 33.2% in April

Exports dropped for the seventh month in a row to $10.74 billion in April compared to $16.07 billion in the same month last fiscal, latest trade data released here show. In rupee terms exports dipped by 16.4 per cent.
Country’s import dipped by 36.6 per cent to $15.747 billion in April this year as against $24.823 billion in the corresponding month last year. In rupee terms the imports dropped by 36.6 per cent. Oil imports during April 2009 were valued at $3,634 million which was 58.5 per cent lower than oil imports valued at $8,749 million in the corresponding period last year.   Similarly, non-oil imports were estimated at $12.113 billion which was 24.6 per cent lower than non-oil imports of $16.074 billion in the corresponding month last year.  
Correspondingly, the trade deficit for April this year was estimated at  $5,004 million dollars, which was lower than the deficit at $8,747 million in the corresponding month last year. 

Paltry growth

After an impressive growth rate of over 30 per cent in the first six months of fiscal 2008-2009, exports started declining since October.
In 2008-2009, exports have grown by a paltry 3.4 per cent compared to average growth rate of nearly 25 per cent in previous years. Commerce Secretary G K Pillai cautioned “this decline (in export) would continue till September and we hope that thereafter, we would be able to see a consolidation and improvement in exports.”
He projected that exports in 2009-2010 would remain around $170 billion compared to $168 billion last fiscal. “Our target is to make sure that at least we have flat growth in exports,” Minister of State for Commerce & Industry Jyotiraditya Scindia said after taking charge.