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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