India’s exports contracted by 4.17 per cent to $ 22.2 billion in November. For the seventh straight month in a row following weak demand from the US and European markets. Exports in November last year were recorded at $ 23.2 billion.
Reacting to the fall in exports Commerce Secretary SR Rao said “Hopefully by end of the week the government will announce some support measures to provide cushion to exporters.” Country’s import bill has increased due to jump in petroleum imports he added.
However India’s imports grew by 6.35% to $ 41.5 billion in November leaving a trade deficit of $ 19.28 billion.
During the April-October 2012-13 the country’s shipments have shrunk by 5.95 per cent to $189.2 billion. Imports during the period dipped by 1.58 per cent to $ 318.7 billion.
During the first eight months of this financial year the trade deficit stood at $ 129.5 billion. Oil imports in November increased by 16.7 per cent year-on-year to $14.5 billion. Non-oil imports grew by 1.5 per cent to $27 billion.
During April-November 2012 oil imports grew by 10.8 per cent to $110 billion from $ 99.3 billion in the corresponding period last year.
However non-oil imports during the period dipped by 7 per cent year-on-year to $208.6 billion.
Among other measures the according to a commerce ministry official, the government has proposed interest subsidy besides incentives for different sectors such as engineering which are reeling under the impact of global economic slowdown.
During April-November 2012 oil imports grew by 10.8 per cent to $ 110 billion. However non-oil imports during the period dipped by 7 per cent year-on-year to $ 208.6 billion. During the period trade deficit stood at $129.5 billion.
Giving sector-wise details Director General of Foreign Trade (DGFT) Anup Pujari said “four of the top five exporting sectors have registered negative growth during April-November 2012. These are – engineering, petroleum products gems and jewellery and readymade garments.
Only pharmaceuticals export have recorded positive growth during the period. These five sectors contribute about 62 per cent of the country’s total shipments.
Region-wise he said exports to West Asia, North America, Africa and Latin America grew by about 20 per cent in November. However in regions like Europe, North East Asia and South Asia it declined by about 13 per cent.
On imports, Pujari said that the top five products crude oil gold and silver machinery electronics and chemicals showed mix trend during April-November period.
While imports of petroleum products and chemicals grew during the period imports of gold and silver machinery and electronics registered a negative growth.
These five sectors contribute about 62 per cent in the country’ s total imports. Pujari also said “given the current scenario the exports target of $ 360 billion is difficult to achieve.”
Commenting on the export numbers Apparel Export Promotion Council (AEPC) chairman A Sakthivel said situation is the US and EU has not changed. Government should ease the procedure to import fabrics. It would help in boosting textiles exports he said. (With agency inputs)