Amid global slowdown, exports fall for 12th month to $20.01 bn
New Delhi : Contraction in exports continued for the 12th month in a row in November as outward shipments shrank 24.43 % to $20.01 billion amid a global demand slowdown, reports PTI.
Imports too declined 30.26% to $29.79 billion in November over the same month last year. Fall in imports has impact on the trade balance as deficit fell to $9.78 billion as against $ 16.23 billion in November 2014. However, the November trade deficit was marginally higher than $ 9.76 billion in October.
The trade deficit for April-November 2015-16 was estimated at $ 87.54 billion, lower than the deficit of $ 102.50 billion year-on-year.
Gold imports slump
As per the data released by the Commerce Ministry, gold imports in November fell 36.48 % to $3.53 billion. The import was $5.57 billion in the same month last fiscal. Silver imports declined by over 55 per cent to USD 285.01 million in November this year from USD 643.71 million in the year-ago period. That apart, import of pearls, precious and semi-precious stones declined 53.49% to $977.51 million. According to the All India Gems and Jewellery Trade Federation, gold imports are expected to cross 1,000 tonnes this year, buoyed by a sharp fall in global prices, as against 900 tonnes in 2014.
On export front, there was sharp decline in shipments of petroleum products (53.9 %), engineering goods (28.57 %), rice (37.12%), iron ore (14.04 %) and gems and jewellery (21.52 %). Import of coal, coke and Briquettes fell 50.19% to $ 876.65 million as against $ 1.75 billion in November last year.
