Indian Economy
India's exports likely to fall 13% to $270 billion in FY2016. Workers signal to a mobile crane operator as he moves a container to stack it at Thar Dry Port in Sanand in the western Indian state of Gujarat. (File picture)Reuters

Exports from India declined for the 12th month in a row.

Exports during November 2015 stood at $ 20.01 billion, 24.43% lower than $ 26.48 billion during November, 2014 and $21.35 billion in October 2015.

Cumulative value of exports for April-November 2015 was $174.30 billion, 18.46% down from $ 213.77 billion in the corresponding period last year.

The country's imports during November 2015 were $29.79 billion, 30.26% lower than  $42.72 billion in November 2014.

Cumulative value of imports for April-November 2015 was $261.85 billion as against $316.28 billion, a fall of 17.21% over the corresponding period last year.

The trade deficit for November 2015 was $9.78 billion, down 39.74% from $16.23 billion in November 2014. The deficit was $9.76 in October 2015.

The trade deficit for April-November, 2015 was estimated at $87.54 billion, which was 14.59% lower than $102.50 billion during the year-ago period. 

Oil imports during November, 2015 were valued at $6.43 billion, 44.99% lower than oil imports of $ 11.69 billion in November 2014.

Oil imports during April-November, 2015-16 were valued at $61.41 billion, 42.39% lower than oil imports of $106.59 billion in the corresponding period last year.

Non-oil imports during November, 2015 were estimated at $23.35 billiion, 24.7% lower than non-oil imports of $31.02 billion in November, 2014.

Non-oil imports during April-November 2015 were valued at $200.43 billion, 4.41% lower than $ 209.68 billion in April-November 2014. 

The fall for the 11th month in a row in October 2015 had prompted Federation of Indian Export Organisations (FIEO) to say that the situation was worse than 2008-09.

"Going by the current trend and factoring little improvement, reaching USD 300 billion in the current fiscal looks a remote possibility. President, FIEO said that while the decline in exports may be arrested from the month of January 2016 onwards as petroleum prices in January 2015 remained at the same level at which they are currently prevailing but value-wise exports will not see much improvement. The only silver lining in the trade data has been the positive performance of 9 out of 30 product group as against 6 out of 30 product groups in September, 2015," S C Ralhan, President, FIEO said.

He also asked for incentives such as interest subvention and the immediate revision of duty drawback rate for the engineering sector.

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