Indian exports on downtrend

India
Published:  17 July, 2015

Total merchandise exports from India are down for the 7th consecutive month compared to the same time period last year recent data has revealed.

Exports in June 2015 dropped 15.82% to US$22.28 billion compared with US$26.47 billion in the same month last year. Figures for May were worse with a 20.19% decline.

According to data released by the Ministry of Commerce and Industry, total exports in the first quarter of 2015 slumped 16.75% to US$66.69 billion compared to US$80.11 billion in the same period last year. The downturn is partly attributed to a weaker demand due to crisis in China and Greece.

Import figures for June 2015 are also lower, down 13.40% to US$33.11 billion compared to US$38.24 billion in June last year. This concerns oil and non-oil imports. “Decline in non-oil imports for the last two months consecutively, indicate a trend that manufacturing is not picking up, said Soumya Kanti Ghosh, Chief Economic Advisor of the State Bank of India (SBI).

Rita Teaotia, the Secretary of Commerce has called for a meeting with state government representatives in an effort to improve export performance.

Source: The Business Standard