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Overall exports have contracted for the 16th consecutive month, with an overall trade deficit for 2015-16 declining 21.4%, and negative growth recorded yet again for the leather sector.
Exports were down 5.47% in March 2016 to U$S22.71 billion in the month, representing a decline for 16th straight month. For the 2015-16 financial year ending March 31, exports dropped 15.8% to five-year low of US$261.13 billion; a fall attributed to fragile global demand and low commodity prices.
Imports declined 15.28% to US$379.6 billion in 2015-16, leaving a trade deficit of US$118.45 billion, compared with US$137.69 billion in 2014-15.
“The figures are alarming. Immediate steps like creating of a fund to enhance marketing activities need to be announced," said M Rafeeque Ahmed, Chairman, Council for Leather Exports (CLE).
Sectors which recorded negative growth in March include leather, textiles, cotton yarn, iron ore and marine products; whereas tea, plastic, handicrafts, pharmaceutical, and gems and jewellery recorded positive growth.
Source: Zee News